What must a credit union do to get a member CTR exemption?

To obtain a member Currency Transaction Report (CTR) exemption, a credit union must submit a one-time Designation of Exempt Person form. This form is crucial because it formally identifies a member as exempt from the usual reporting requirements tied to currency transactions exceeding $10,000.

The exemption process is designed to facilitate smoother operations for credit unions and their members who meet specific criteria, such as being a financial institution or a well-established, low-risk business. By filing this form, the credit union is effectively documenting that the member is not subject to the same reporting requirements due to their status.

While other actions, such as conducting annual reviews or regular risk assessments, are part of maintaining compliance in a broader sense, they are not specifically required to achieve the exemption itself. The submission of the Designation of Exempt Person form is the essential step directly tied to granting the CTR exemption to a member.