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WASHINGTON — Federally insured credit unions will no longer have to report certain financial transactions over $10,000, as a result of amendments to the Bank Secrecy Act, which take effect Jan. 5.Credit unions will not have to file initial Designation of Exempt Person forms or conduct annual reviews for financial institutions and governments.Credit unions won’t have to report certain transactions by members after the member has conducted five or more reportable cash transactions in a year and has maintained a transaction account for at least two months or the credit union has conducted a risk-based analysis.The Financial Crimes Enforcement Network, which enforces the Bank Secrecy Act, said the analysis should include such factors as whether the credit union has a relationship with the member, pertinent characteristics of the member’s business model, the type of business in which the member is engaging, and where the business operates.Credit unions will have to file an initial DEP form for these members, but will no longer have to file additional forms on this person every two years. The credit union will, however, be required to do an annual review to determine if the member continues to be eligible for exemption.

Peter Westerman

Credit Union Times

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