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Subject: Bank Secrecy Act/Anti-Money Laundering
Date: January 15, 2009
To: Chief Executive Officers; BSA and Compliance Officers of All National Banks; Federal Branches and Agencies; Department and Division Heads; and All Examining Personnel
Description: Final Rule on Currency Transaction Reporting Exemptions
The Financial Crimes Enforcement Network (FinCEN) recently announced the December 5, 2008, publication in the Federal Register of the final rule on Currency Transaction Reporting (CTR) that simplifies the current requirements for depository institutions to exempt their eligible customers from currency transaction reporting. FinCEN is amending the Bank Secrecy Act (BSA) regulation that allows depository institutions to exempt certain persons from the requirement to report transactions in currency in excess of $10,000. The new rule became effective on January 5, 2009.
The final rule makes the following changes to the current CTR exemption system:
For further information, please contact your examiner-in-charge, OCC supervisory office, or the OCC Compliance Policy Department at (202) 874-4428.
Ann F. Jaedicke