The Financial Crimes Enforcement Network (FinCEN) has proposed simplifying the process by which depository institutions exempt certain customers from filing currency transaction reports (CTRs).
The proposal could placate a banking industry that has long complained about the demanding forms. Banks would no longer have to file exemption forms or perform annual reviews for customers that are depository institutions or government agencies, or are acting with governmental authority. Nor would biannual exemption-status renewals for a second group--customers that have had an account for a year and engage in frequent transactions beyond the $10,000 threshold--have to be filed. In fact, the one-year requirement for eligibility would also be eliminated.
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