Answer:
Banks may exempt qualifying businesses from the Currency Transaction Report requirements. There are two types of exemptions:
1. Phase I: Cash transactions with banks, municipalities and businesses listed on the three stock exchanges need not be reported.
2. Phase II: Cash transactions through accounts of unlisted businesses that have a routine need (5 or more times per year) for large amounts of currency need not be reported. Certain qualifications in addition to the transaction frequency must also be met.
First published on BankersOnline.com 2/02/09
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