Posted By: CantBeShocked
CTR Public Fund Exemption - Should be Non-Listed - 05/06/14 06:25 PM
Good Afternoon,
We just consolidated a subsidiary bank into our bank. They were very small and had only two non-listed entities on their CTR exemption list with maybe four government entities exempted as well.
During a review we just discovered that they mistakenly had an electric cooperative listed as being exempt from CTRs as a government entity. The coop should be exempt as a non-listed business.
Do we have to go back and back file CTRs on this entity since they were not properly exempt?
NOTE: we are now exempting them properly as a non-listed entity at this time.
Thanks!
We just consolidated a subsidiary bank into our bank. They were very small and had only two non-listed entities on their CTR exemption list with maybe four government entities exempted as well.
During a review we just discovered that they mistakenly had an electric cooperative listed as being exempt from CTRs as a government entity. The coop should be exempt as a non-listed business.
Do we have to go back and back file CTRs on this entity since they were not properly exempt?
NOTE: we are now exempting them properly as a non-listed entity at this time.
Thanks!