August 2016

CTR Exemption Regulation Amended to Include MMDAs

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On July 28, 2000, FinCEN published an Interim Rule in the Federal Register (65 FR 46356-46361) amending the CTR exemption regulation at 31 CFR Section 103.22(d). Provisions of this Interim Rule became effective on July 31, 2000. The Interim Rule addresses several issues brought to FinCEN’s attention by depository institutions regarding the implementation of the reformed CTR exemption regulations. Highlights of the Interim Rule are:

Amended Memorandum Opinion granting Government’s Motion for Summary Judgment in Wuliger V. Office of the Comptroller of the Currency

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Guidance - (Interpretive Release 2004-1) Anti-Money Laundering Program - Requirements for Money Services Businesses With Respect to Foreign Agents or Foreign Counterparties

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Statement of Interest filed by the United States in the case of Wuliger v. Office of the Comptroller of the Currency

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FinCEN Guidance (FIN-2009-G003) on Determining Eligibility for Exemption from Currency Transaction Reporting Requirements

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The Financial Crimes Enforcement Network ("FinCEN") is issuing this guidance to help banks¹ determine whether a customer is eligible for exemption from currency transaction reporting requirements.² This guidance provides examples and answers to commonly asked questions regarding the final rule³ that FinCEN issued in December, 2008, which amended the currency transaction report ("CTR") exemption requirements ("the final rule").

I. Background: