BSA FAQs - If the initial “Designation of Exempt Person” form (“DEP”) for a non-listed business (or payroll customer) was filed in July 2000, is the biennial renewal date March 15, 2001 or March 15, 2002?

Compliance > BSA > FinCEN DOEP FAQs
Q: If the initial “Designation of Exempt Person” form (“DEP”) for a non-listed business (or payroll customer) was filed in July 2000, is the biennial renewal date March 15, 2001 or March 15, 2002?

A: If you filed a DEP form with respect to a non-listed business or payroll customer in July of 2000, the filing deadline for biennial renewal is March 15, 2002 (assuming all applicable criteria listed in 31 CFR § 103.22 (d)(2)(vi) and (vii) still applies to the entity).(10/2001)

The Regulation

31 CFR § 103.22(d)(5)(ii) - Non-listed businesses and payroll customers - states “The designation of a non-listed business or a payroll customer as an exempt person must be renewed biennially, beginning on March 15 of the second calendar year following the year in which the first designation of such customer as an exempt person is made, and every other March 15 thereafter, on such form as FinCEN shall specify.”           

FinCEN offers the following practical examples as a way of demonstrating the timely biennial renewal of the DEP form with respect to non-listed businesses and payroll customers:

Practical Examples

A) Initial DEP forms filed in February of 2001 are required to be renewed on or before March 15, 2003. Analysis - The initial designation was filed in calendar year 2001 (the base year), the first calendar year following the year in which the initial designation was made is 2002, the second calendar year following the year in which the initial designation was made is 2003, and the filing deadline within that second calendar year is March 15, 2003.

B) Initial DEP forms filed in June of 2001 are required to be renewed on or before March 15, 2003. Analysis - The initial designation was filed in calendar year 2001 (the base year), the first calendar year following the year in which the initial designation was made is 2002, the second calendar year following the year in which the initial designation was made is 2003, and the filing deadline within that second calendar year is March 15, 2003.


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: 

Add Feedback