BSA/AML Examiner Training Series 2

For State Examiners Federal Reserve Bank SecrecyAct Violation Codes with summaries for BSA exam data entry form using vision drop-down menu 31 CFR Chapter X – Financial Crimes Enforcement Network

Code 60,000

Failure to file CTR for non-exempted transactions over $10M Section 1020.311 of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to file a Currency Transaction Report (FinCEN Form 111) for each applicable transaction not otherwise eligible for exemption. Failure to treat multiple transactions totaling over $10M as a single transaction Section 1020.313 of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to treat multiple transactions as a single transaction if the covered financial institution has knowledge that the transactions are by or on behalf of any person and result in either cash in or cash out totaling more than $10,000 during any one business day. Deposits made at night or over a weekend or holiday shall be treated as if received on the next business day following the deposit. Improper designation of exempt person Section 1020.315(a) through (k) of the Treasury Department’s Bank Secrecy Act regulations allows covered financial institutions to exempt certain customers from the currency transaction reporting requirements provided those customers meet the criteria specified in Section 1020.315(b). Failure to file designation of exempt person form Section 1020.315(c)(1) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to designate an exempt person by filing FinCEN Form 110. Such designation must occur by the close of the 30-calendar day period beginning after the day of the first reportable transaction in currency with that person sought to be exempted from reporting. Failure to properly exempt a domestic insured financial institution Section 1020.315(c)(2) of the Treasury Department’s Bank Secrecy Act regulations requires that when a covered financial institution designates another insured financial institution as an exempt person, the covered financial institution make the filing required by paragraph (c)(1) of this Section. Failure to perform annual review of exempt person Section 1020.315(d) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to review and verify at least once a year the information supporting each designation of an exempt person. To ensure each person remains eligible for exempt status, this Section further requires application of a monitoring system as prescribed in Section 1020.315(h)(2).

60,001

60,002

60,003

60,004

60,005

Revised 5/26/2021

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