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Bank Secrecy Act Changes

2. 2009 Changes. CTR ExemptionsNew e-filing CTR and SAR forms. 3. CTR Exemptions. Effective 01/05/09 FinCEN has provided some relief for BSA Compliance personnel by amending various provisions for CTR exemptions. Published in the Federal Register on December 5, 2008, the new rules went into effe

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Bank Secrecy Act Changes

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    1. 1 Bank Secrecy Act Changes

    2. 2 2009 Changes CTR Exemptions New e-filing CTR and SAR forms

    3. 3 CTR Exemptions Effective 01/05/09 FinCEN has provided some relief for BSA Compliance personnel by amending various provisions for CTR exemptions. Published in the Federal Register on December 5, 2008, the new rules went into effect on January 5, 2009, and reduce some specific record keeping and reporting requirements for both Phase I and Phase II exemptions.

    4. 4 CTR Exemptions – Phase I One-time filing of FinCEN Form 110 and the annual documented review of supporting criteria is no longer required for the following Phase I customer types: other depository institutions U.S. or State governments entities acting with governmental authority The initial filing will still be required for public or listed companies and their subsidiaries. Suspicious activity monitoring of transactions, including currency transactions, for all Phase I customers is still required.

    5. 5 CTR Exemptions – Phase II With respect to Phase II exemptions, which include payroll customers and eligible non-listed businesses, a number of time-consuming requirements have been amended. May designate as exempt, eligible non-listed businesses and payroll customers after either: they have held a transaction account at your institution for 2 months or after you conduct a risk-based analysis of the customer's transactions and conclude that they’re legitimate The definition of “frequent” transactions has been modified from 8 transactions per year to 5 transactions per year.

    6. 6 CTR Exemptions – Phase II cont. Biennial renewals of the exemption designation of Phase II customers are no longer required Do not have to re-file the exemption form every two years and No longer required to record and report any change in control of a designated non-listed business customer or a designated payroll customer Must still conduct a documented annual review of the supporting criteria for Phase II customer exemptions. Suspicious activity monitoring of transactions, including currency transactions, for all Phase II customers is still required.

    7. 7 CTR Exemptions You can find the final rule regarding these changes at http://www.fincen.gov/statutes_regs/frn/pdf/frnCTRExemptions.pdf.

    8. 8 CTR & SAR e-filing Forms Effective 06/27/09, BSA E-Filing transitioned to the use of Adobe forms. Mandatory use of the new forms will be required 01/01/10 for those financial institutions that e-file. http://www.fincen.gov/financial_institutions/ http://bsaefiling.fincen.treas.gov/main.html Visit this website to find out how to e-file.

    9. 9 FinCEN

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