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.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
Comments are closed.