Q: The reformed CTR exemption regulation (31 CFR Section 103.22(d)(3)(ii)) states "when designating another bank as an exempt person, a bank must either make the filing required by paragraph (d)(3)(i) of this section or file, in such a format and manner as FinCEN may specify, a current list of its domestic bank customers." What is the format and manner specified by FinCEN to provide a list of exempted domestic banks?
A: FinCEN will provide notification if a special procedure, such as listing the exempted domestic banks, becomes available so that bank customers can be exempted in a more streamlined way. At this time, database system constraints do not allow such a procedure to be implemented. Therefore, a depository institution should file the Designation of Exempt Person form (TD F 90-22.53) for each of the domestic bank customers that it wishes to exempt. (7/2000)
This FAQ was obtained from FinCEN’s website, in the section for Answers to Frequently Asked BSA Questions, which may be found here: