Regulatory Alert 96-RA-2, dated May 1, 1996, notified you of an interim rule issued by the Department of the Treasury regarding exemptions from the Bank Secrecy Act. The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has issued responses to frequently asked questions about the new Currency Transaction Report (CTR) exemption procedures (enclosure). These procedures took effect on May 1, 1996. If you have any questions concerning this rule or the following, please contact FinCEN at (800) 949-2732 or (703) 905-3920.
Please note: this guidance was written by FinCEN for banks. The exact language of FinCEN's guidance is presented. Other depository institutions, including credit unions are affected by this rule. Some of the information may not pertain to credit unions' operations, but is presented for your information.
Norman E. D'Amours