Deposit Regulation Update and Review

Change is in the air! Are you ready?

We kick off 2020 with many changes to IRAs under the SECURE Act. We also have interest reporting rules finalized which will change your Nonresident alien interest reporting. There will be a change on beneficial ownership as we watch the Illicit Cash Act leave the house and move to the Senate. We may see the eventual migration of beneficial ownership to FinCEN where the CTRs and SARs are housed. This year brings a technical change to the Currency Transaction Report effective February 1, 2020. Plus, our favorite Regulation CC changes effective July 1, 2020. If you think 200 and 4800 is hard on large deposits, try 225 and 5300 for our tellers as the new numbers.