Fastfood, Inc., a nationwide restaurant chain, opened an account at First National Bank last year. Fastfood is making daily deposits in amounts of $15,000 to
$20,000. First National needs to determine if this company is an exempt person. What should the bank do first?
To determine if Fastfood, Inc. qualifies as an exempt person under the Currency Transaction Reporting (CTR) exemption, the bank should check if the company's stock is listed on one of the designated stock exchanges. This is one of the criteria for exemption according to regulations.
To determine if Fastfood, Inc. qualifies as an exempt person under the Currency Transaction Reporting (CTR) exemption, the bank should check if the company's stock is listed on one of the designated stock exchanges. This is one of the criteria for exemption according to regulations.