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BSA Exemption - Cash for Vault Replenishment

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Question: 
If a credit union has an account at the local bank and receives cash for vault replenishment from the bank via armored car service, does the credit union need to file any paperwork for the receipt of that cash? The cash is for the credit union's use to serve member withdrawal request. The bank has the credit union listed as exempt for CTR under phase 1.
Answer: 

The credit union should also file a Designation of Exempt Person on the bank to avoid having to file a CTR each time the credit union receives cash from or ships cash to the bank.

First published on BankersOnline.com 11/26/07

First published on 11/26/2007

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