Regulation Requires Signature of Exemption Requests under BSA

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Monday, December 1, 1986
Author: 
Bruce Zagaris
Volume: 
2
Issue: 
12
Abstract: 
On December 17, 1986, the Department of Treasury promulgated a final rule pursuant to the Anti-Drug Abuse Act., 51 F.R. 45108.  The regulation incorporates the new Act's statutory amendments which require that a financial institution obtain from a customer who wants to be on the exemption list a signed statement describing why transactions with that customer qualify for exemptions from the Bank Secrecy Act reporting requirements for large transactions.