Late Breaking News On Bank Secrecy

We have just learned that a bill introduced into Congress may affect your currency transaction exemptions.

Under the terms of this bill, you will still have to:
-establish customer exemption through account and deposit evaluation;
-obtain approval for an exempt status for an account for a certain amount for currency transaction reporting; and,
-have the customer sign the exemption form.

The difference is that the exemption will only be good for one year from that date!

After that time, you will have to go through at least part of the process again to exempt that customer for another year.

We'll watch the progress on this and report to you as soon as we learn the outcome of this proposal.

Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 5, 5/90