How to Prepare IRS Form FinCen 110
Banks are normally required to file currency transaction reports (CTR) on transactions in currency of more than $10,000. The regulations also permit a bank to exempt certain customers from currency transaction reporting by filing Form FINCEN 110. Exempt persons can be other banks, government agencies, listed companies and subsidiaries, eligible non-listed companies or payroll customers.
Other People Are Reading
Instructions
-
-
1
Download FINCEN Form 110 Designation of Exempt Person from the IRS website.
-
2
Indicate in Part I of the form the type of filing such as initial designation, biennial renewal, or exemption amended or revoked. Show the effective date of the exemption.
-
-
3
Show the details for the exempt person in Part II of the form. Include legal name, business name, address and social security or employer identification number. Check the box in Line 10 which identifies the type of person and the box in Line 11 if this is a renewal and there was a change in control of the exempt person in the prior 2 years.
-
4
Enter the name, address and employer identification number of the bank which is the filer of this report in Part III. Indicate which agency is the primary federal regulator for the bank.
-
5
Sign the form in Part IV if you are authorized to do so on behalf of the bank. If you are filing a biennial renewal, also sign in Part V to certify that proper monitoring of currency transactions is being done.
-
1
Tips & Warnings
Banks, savings and loans, credit unions, and other thrifts, are the only type of financial institutions that can exempt customers from CTR filing requirements.
