Bank Secrecy Act Compliance Form for Designation of Exempt Person

The Financial Crimes Enforcement Network (FinCEN) has released a new form to be used by financial institutions to designate entities as exempt from the currency transaction reporting requirements of the Bank Secrecy Act (31 CFR 103.22). The form is effective January 1, 1999, and will replace the current method of making a single filing of Form 4789. The new form, which is attached, may be photocopied as needed. The form is also available on FinCEN’s Web site at www.treas.gov/fincen/forms.html.

For additional information on the exemption process, NCUA Regulatory Alert No. 98- RA-7, issued October 1998, provides a “question and answer” discussion on the subject.

Additional questions should be directed to your NCUA regional office.