Q: The DOEP report (FinCEN Form 110) and instructions were not updated with the final rules to account for the various changes to the CTR exemption process. How should a bank complete the DOEP when exempting a new customer?
A: The preamble to the 2008 final rule clarified that certain elements of the DOEP report should be disregarded by filers since they are no longer applicable under the new exemption requirements. Because the final rule removed several existing requirements but did not add any new requirements, the DOEP report now contains a limited number of extraneous fields but remains fully sufficient to designate any eligible customer as an exempt person. Accordingly, filers should disregard references on the report as well as in the instructions to biennial renewals and to types of Phase I customers that no longer require a DOEP filing.18 FinCEN has disabled the unnecessary fields in the E-filing system as well as in the version of FinCEN Form 110 available on its website.
This FAQ was obtained from FinCEN’s issuance FIN-2012-G003 – Guidance on Determining Eligibility for Exemption from Currency Transaction Reporting Requirements, which may be found here: