BSA FAQs 1 - Is a depository institution required to file a Designation of Exempt Person form (FinCEN 110) in order to exempt transactions with a Federal Reserve Bank?

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Q:  Is a depository institution required to file a Designation of Exempt Person form (FinCEN 110) in order to exempt transactions with a Federal Reserve Bank?

 

A:  Depository institutions are not required to file a Designation of Exempt Person form (FinCEN 110) with respect to the transfer of currency to or from any of the 12 Federal Reserve Banks in accordance with an Interim Rule published by FinCEN in the Federal Register (65 FR 46356-46361) on July 28, 2000. This Interim Rule, which amends the CTR exemption regulation at 31 CFR 1020.315, became effective on July 31, 2000. (12/2017).

 

ADDITIONAL INFORMATION:
This FAQ was obtained from FinCEN’s website, in the section for Answers to Frequently Asked BSA Questions, which may be found here: 
 
 

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