CTR Exempt Person Forms For Corresponding Banks

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Question:

Do you know if the IRS required CTR exempt person forms for corresponding banks needs to be completed each year?

Answer:

Banks are Phase I exempt persons. You only have to file a designation form once. Then you should watch for mergers, acquisitions and name changes, any of which could cause you to file an update or to revoke an exemption (although you would not need to file a revocation form).

First published on BankersOnline.com 9/2/02