![]() ![]() On the basis of examination and testing procedures completed, form a conclusion about the adequacy of policies, procedures, and processes the bank has developed to meet BSA regulatory requirements associated with exemptions from currency transaction reporting.Determine whether the bank’s internal controls are designed to assure ongoing compliance with CTR exemption requirements and are commensurate with the bank’s size or complexity and organizational structure.Determine that the bank appropriately documents the annual review and information used to confirm eligibility. Determine that the information supporting the eligibility of each exempt person that is a listed public company, a listed public company subsidiary, a non-listed business, or a payroll customer is reviewed by the bank at least once a year to determine whether the person remains eligible for an exemption.The bank maintains documentation to support that designated non-listed businesses do not receive more than 50 percent of gross revenue from ineligible business activities.The customer is eligible for designation as exempt (see categories of Phase I exempt persons and Phase II exempt persons).The reports are filed in accordance with FinCEN instructions within 30 days of the first reportable transaction that the bank sought to exempt.Select a sample of filed Designation of Exempt Person reports to determine whether:.5317 - Search and forfeiture of monetary instruments 31 U.S.C. 5316 - Reports on exporting and importing monetary instruments 31 U.S.C. ![]() 5314 - Records and reports on foreign financial agency transactions.
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