Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?
Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?
Under Phase II of the Bank Secrecy Act, businesses whose stocks are traded on a national stock exchange may be exempted from certain reporting requirements due to their transparency and regulation by financial authorities. Government agencies and correspondent banks are generally exempt under Phase I. Payroll customers do not typically fall under the exemption categories described in Phase II.
question in guide