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Ck appropriate box Biennial Renewal a Exemption Amended b Exemption Revoked Exempt Person 3 Business Name or Name of Sole Proprietor 4 Doing Business As (DBA) 5 Address (Number, Street, and Apt. or Suite No.) 7 State 6 City 8 ZIP/Postal Code 9 Taxpayer Identifier Number Part II Basis for Exemption 10 Exemption Basis a b Bank c Government Agency / Governmental Authority Listed Company 11 Effective da.

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Exemptions from CTR Reports First, a FI must make an initial designation of the customer as an “exempt person” by filing a Designation of Exempt Person report within thirty days of the customer becoming eligible for the exemption. FIs must retain documentation supporting eligibility for the CTR exemption.

Practicing law, accounting, or medicine. Auctioning of goods. Chartering or operation of ships, buses, or aircraft. Operating a pawn brokerage.

The customers that the bank may exempt are called “exempt persons.” An exempt person may be a bank, government agency/government authority, listed company, listed company subsidiary, eligible non-listed business, or payroll customer.

Phase II defines an exempt entity as a non-listed business or payroll customer as long as certain criteria are met. A non-listed business is one that is not publicly traded on a major stock exchange.

Under Phase 1, transactions conducted by banks, government departments or agencies, and listed public companies and their subsidiaries are exempt from CTR reporting. Under Phase 2, transactions in currency by businesses that meet specific requirements are exempt from CTR reporting.

Filing: The DOEP should be e-filed through the BSA E-Filing System. Go to http://bsaefiling.fincen.treas.gov/index.jsp to register. Any bank that wishes to designate a customer as an exempt person must file the DOEP no later than 30 days after the first transaction to be exempted.

To be eligible for exemption, any affiliated entity must meet the definition of "subsidiary" found at 31 C.F.R. § 1020.315(b)(5), which requires that the listed business own at least 51% of the common stock or analogous equity interest of the entity in question.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232