To obtain a CTR exemption, what must a credit union file with FinCEN?

To obtain a Currency Transaction Report (CTR) exemption, a credit union must file a Designation of Exempt Person form with the Financial Crimes Enforcement Network (FinCEN). This form is crucial because it formally designates certain entities or persons as exempt from the standard requirements to file CTRs for transactions exceeding $10,000.

The exemption is typically applicable to certain types of customers, such as federal, state, and local government agencies, and certain financial institutions, which meet specific criteria established by FinCEN. When the Designation of Exempt Person form is submitted and approved, it allows the credit union to streamline its reporting requirements, reducing the burden of filing CTRs for eligible transactions.

Other options, like filing a regular transaction report or CTR for every transaction, do not specifically relate to obtaining an exemption, as the requirement doesn’t focus on consistently filing additional reports but rather on the exemption process itself. A withdrawal request does not pertain to compliance or exemption procedures under the Bank Secrecy Act, making the Designation of Exempt Person form the only relevant and accurate choice among the options provided.