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CTR Exemption and Entity Cashes Check Amount

Answered by: 
Randy Carey

Question: 
When trying to exempt a customer from CTR requirements, in the portion where it asks whether or not the entity cashes checks, is there an amount limit/threshold or if it is provable any amount would be considered "cashing checks?"
Answer: 

A check casher would be a non-eligible business activity for exemption purposes. If the total revenues from the check cashing operation is less than 50% of total revenues however, they could still be exempted. However, you would have to do your due diligence to prove the revenues. I would recommend that you review the CTR Exemption section in the BSA/AML Examination Manual.

First published on BankersOnline.com 8/27/12

First published on 08/27/2012

Filed under: 
Compliance
Filed under compliance as: 
Checks
Due Diligence
IT

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