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#794492 - 08/14/07 07:48 PM exempt customer- help examiner here
joie Offline
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joie
Joined: Jan 2007
Posts: 20
MN
does the exemption cover purchasing cashiers checks with cash in excess of $10,000.00?

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#794501 - 08/14/07 07:54 PM Re: exempt customer- help examiner here joie
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,785
Cape Cod
Not if you're discussing a Phase II exemption. Phase I exemptions cover the waterfront, but Phase II only covers transactions in the exempt person's accounts.
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#796283 - 08/16/07 04:19 PM Re: exempt customer- help examiner here John Burnett
SARempress Offline
Junior Member
Joined: Jul 2006
Posts: 37
Deep in the Heart of Texas
Somewhat related question...I have another bank that we just cashed a $50K cashier's check for (they needed cash to service customers). If I have them on my Phase I list, is that transaction exempt?

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#796315 - 08/16/07 04:42 PM Re: exempt customer- help examiner here SARempress
SARempress Offline
Junior Member
Joined: Jul 2006
Posts: 37
Deep in the Heart of Texas
Nevermind, I found the answer

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#796810 - 08/16/07 08:49 PM Re: exempt customer- help examiner here SARempress
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,785
Cape Cod
... and the answer is, "Yes," if you've filed a DOEP form on that other bank, the cashing of that check does not need to be reported on a CTR.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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