The DOEP filing and annual review are still required for businesses listed on a major national stock exchange ('listed businesses'), non-listed businesses, and payroll customers. or State governments, or entities acting with governmental authority. 7 Banks are no longer required to file a designation of exempt person ('DOEP') form for, or conduct an annual review of, customers who are other depository institutions operating in the United States, U.S. Elimination of designation and annual review for most Phase I customers.The final rule, which went into effect on January 5, 2009, makes the following substantive changes to the previous CTR exemption system: Overview of the requirements of the final rule: The GAO also concluded that additional web-based guidance was necessary to help banks determine eligibility for exemption, which FinCEN is addressing in this guidance document.ī. In this same report, the GAO recommended several changes to the exemption requirements, which FinCEN addressed in the final rule. In 2008, the Government Accountability Office ('GAO') issued a report 6 concluding, among other things, that the information provided on CTRs provides unique and reliable information essential to a variety of efforts, including law enforcement investigations, regulatory and counter-terrorism matters. 4 The regulations in the Bank Secrecy Act also provide banks with the ability to exempt certain customers from currency transaction reporting. The Bank Secrecy Act and its implementing regulations require banks to file a CTR on any transaction in currency of more than $10,000.

2 This guidance provides examples and answers to commonly asked questions regarding the final rule 3 that FinCEN issued in December, 2008, which amended the currency transaction report ('CTR') exemption requirements ('the final rule'). The Financial Crimes Enforcement Network ('FinCEN') is issuing this guidance to help banks 1 determine whether a customer is eligible for exemption from currency transaction reporting requirements.

Currency transaction report exemption