Currency Transaction Reporting (CTR) Exemptions – ON-DEMAND WEBINARS

Date Recorded: May 19, 2022

Presenter: Mark Dever, AAP, CAMS, Vice President, FORVIS

A ninety-minute webinar to update members of the compliance community on the process of exempting certain business clients from the Currency Transaction Reporting (CTR) requirements.

With millions of CTRs filed each year, a successful exemption program can reduce the CTR compliance burden imposed on a financial institution, while at the same time providing law enforcement with necessary information to pursue suspicious transactions. The program modifications implemented over twelve years ago streamlined some of the major stumbling blocks found within the previous exemption process, making CTR exemptions more attractive for financial institutions.

Here’s What You’ll Learn:

• The “opportunities” surrounding the Phase 1 – “bank and government” (truly automatic) exemptions;
• The “challenges” found within the Phase 1 – “listed business” exemptions;
• The ingredients and “challenges” associated with the Phase 2 “non-listed business” exemptions;
• The philosophical and logistical differences between the Phase 1 and Phase 2 entities;
• The proper utilization of the Designation of Exempt Person form (DOEP – FinCEN Form 110);
• The due diligence expectations applied to financial institutions utilizing these exemption opportunities; and
• How to identify and report suspicious activity within these exemption categories when appropriate.

This ninety-minute webinar from FORVIS will provide the compliance, audit, and sales staffs with a “snapshot” of the current CTR exemption process. In addition, this program complements existing internal education sessions to help meet the annual BSA/AML training requirements for personnel; and it allows time for questions from participants.