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Sole Proprietor be exempt for CTRs?

Answered by: 

Question: 
Can a sole proprietor be exempt and if so how?
Answer: 

The Revised FFIEC BSA exam manual says “A sole proprietorship may be treated as a non-listed business18 or as a payroll customer19 if it otherwise meets the requirements outlined previously in the Phase II CTR Exemptions subsection as applicable.”

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First published on 03/21/2021

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