Designation of Exemption 12. There is one additional requirement. To take advantage of this new procedure, a bank must generally make a designation of exemption within 30 days of a reportable transaction, and stop filing CTRs. The bank must file one such designation of exemption for each customer that it treats as an exempt person. An exempt customer, which does not have an account at a bank, is nonetheless exempt, and a designation of exemption may be made.
Common examples are governmental agencies.
It is not uncommon for the United States government, especially the armed forces, to cash large checks at banks at which it does not have an account. A bank should bear in mind that large currency transactions by many types of listed corporations, in contrast, may be suspicious, if the corporation does not have an account at the bank. Such suspicious transactions may be required to be reported. Benefits and General Information 16. There are several benefits.