bank secrecy act / anti-money laundering (bsa/aml) compliance

CURRENCY TRANSACTION REPORTSPHASE II EXEMPTIONS Must be either a “non-listed business” or a “payrollcustomer” “Non-Listed Business” – A business, to the extent t ofits domestic operations, and only with respect totransactions conducted through its exemptibleaccounts, that: Has maintained a transaction account at the exemptingcredit union for at least 2 months; “Frequently engages” in currency transactions with thecredit union in excess of $10,000 (meaning 5 or morereportable transactions per year); and Is incorporated or organized under the laws of the U.S. or astate, or is registered as and is eligible to do business withinthe U.S. or a state.CURRENCY TRANSACTION REPORTSPHASE II EXEMPTIONS Certain businesses are ineligible for treatment as anexempt non-listed business: Serving as a financial institution or as agents of one (of anytype). Purchasing or selling motor vehicles of any kind, vessels,aircraft, farm equipment or mobile homes. Practicing law, accounting or medicine. Auctioning of goods. Chartering or operation of ships, buses or aircraft. Operation of a pawn brokerage.16