FinCEN Issues Designation of Exempt Person Proposal

The Financial Crimes Enforcement Network (FinCEN) issued a proposal to make two changes to the “Designation of Exempt Person” (DoEP) form. The DoEP form is used to exempt certain entities from currency transaction reporting.  The proposal would remove the reference to “Document Control Number” and add a country field to accommodate reporting from U.S. territories in Part II following the current item 11, and Part III following the current item 23.  The comment period ends August 14, 2017.

https://www.federalregister.gov/documents/2017/06/13/2017-11974/proposed-collection-comment-request-update-and-renewal-of-the-bank-secrecy-act-designation-of-exempt

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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists financial institutions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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