FinCEN Advisory

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has published the FinCEN Advisory, Issue 10. The subject is “Reformed CTR Exemption Process: Questions & Answers”. Treasury has requested NCUA’s assistance in distributing the information to all federally insured credit unions. The FinCEN Advisory is designed to keep financial institutions, regulatory agencies and law enforcement agencies advised of the trends and developments related to money laundering and financial crime. Advisories will be published periodically and will be distributed to all federally insured credit unions as part of NCUA’s effort to keep you informed.

This Advisory provides answers to general questions concerning implementation of the new regulation for exemptions from the requirement to report transactions in currency. The Department of the Treasury’s rule was forwarded to all federally insured credit unions in Regulatory Alert No. 98-RA-6, dated October 1998.

Comments about the FinCEN Advisory should be addressed to the Financial Crimes Enforcement Network, Office of Communications, U.S. Department of the Treasury, 2070 Chain Bridge Road, Vienna, VA 22182 or faxed to (703) 905-3885.