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Thread: Form 110 - Designation of Exempt Person (and Instructions)

  1. #1

    Form 110 - Designation of Exempt Person (and Instructions)

    Form 110 - Designation of Exempt Person (and Instructions)
    Note: electronic filing has been strongly recommended since 2012.

    Name:  FinCENForm110_img.png
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    Form_110.pdf (locally stored)

    FinCEN DOEP ElectronicFilingInstructions- Stand Alone doc.pdf (locally stored)
    Last edited by allodial; 11-14-16 at 02:12 AM.
    All rights reserved. Without prejudice. No liability assumed. No value assured.

    "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
    "It is the glory of God to conceal a thing: but the honour of kings is to search out a matter." Proverbs 25:2
    Prove all things; hold fast that which is good. Thess. 5:21.

  2. #2

    You are state bank

    ...Until recently, with the "Omission" of the Trading with the Enemy Act from the Bankers' Code, the common man or woman endorsing private credit from the Fed has been considered a state bank.

    Thank you Allodial, that should open a few more eyes than mine,
    David Merrill.



    P.S. I have saved the files to disk.

  3. #3
    "And if I could I surely would Stand on the rock that Moses stood"

  4. #4
    Quote Originally Posted by David Merrill View Post
    ...Until recently, with the "Omission" of the Trading with the Enemy Act from the Bankers' Code, the common man or woman endorsing private credit from the Fed has been considered a state bank.

    Thank you Allodial, that should open a few more eyes than mine,
    David Merrill.



    P.S. I have saved the files to disk.
    I figured it would be interesting at the least to you and others. Also, the form (as Chex has pointed out also) that there are those who are exempt from FinCEN transaction reports. Psycopathic, envious or shady tellers have been known to file nasty FinCEN reports out of spite--with the exemption certificate in place I suspect tellers and bank staff would be open to sever criminal and civil liability should they do such things in face of an exemption. Conceivably a substitute certificate could be executed by an accountholder or the like and served on the bank through Treasury (i.e. copy to the bank w/ certificate of service and original to Treasury --by fax or by mail).

    P.S. Something tells me that, where applicable, a "Certificate of Exemption In Lieu of FinCEN Form 110" might go well with a W8 or the like.
    Last edited by allodial; 11-17-16 at 01:11 AM.
    All rights reserved. Without prejudice. No liability assumed. No value assured.

    "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
    "It is the glory of God to conceal a thing: but the honour of kings is to search out a matter." Proverbs 25:2
    Prove all things; hold fast that which is good. Thess. 5:21.

  5. #5
    15 U.S. Code § 6801 - Protection of nonpublic personal information.
    (a) Privacy obligation policy

    It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers’ nonpublic personal information.

    (1) to insure the security and confidentiality of customer records and information;
    (2) to protect against any anticipated threats or hazards to the security or integrity of such records; and
    (3) to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer.

    15 U.S. Code § 6804 – Rulemaking

    Regulatory authority

    (1) Rulemaking

    (A) In general

    Except as provided in subparagraph (C), the Bureau of Consumer Financial Protection and the Securities and Exchange Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to financial institutions and other persons subject to their respective jurisdiction under section 6805 of this title (and notwithstanding subtitle B of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5511 et seq.]), except that the Bureau of Consumer Financial Protection shall not have authority to prescribe regulations with respect to the standards under section 6801 of this title.

    15 U.S. Code § 6805 – Enforcement.

    This subchapter and the regulations prescribed thereunder shall be enforced by the Bureau of Consumer Financial Protection, the Federal functional regulators, the State insurance authorities, and the Federal Trade Commission with respect to financial institutions and other persons subject to their jurisdiction under applicable law as follows:

    31 CFR 1010.520 - Information sharing between government agencies and financial institutions.

    (C) Each financial institution shall maintain adequate procedures to protect the security and confidentiality of requests from FinCEN for information under this section. The requirements of this paragraph (b)(3)(iv)(C) shall be deemed satisfied to the extent that a financial institution applies to such information procedures that the institution has established to satisfy the requirements of section 501 of the Gramm-Leach-Bliley Act (15 U.S.C. 6801), and applicable regulations issued thereunder, with regard to the protection of its customers' nonpublic personal information.

    The term “Federal functional regulator” means 15 U.S. Code § 6809 – Definitions

    (4) Nonpublic personal information

    (A) The term “nonpublic personal information” means personally identifiable financial information—
    (i) Provided by a consumer to a financial institution;
    (ii) Resulting from any transaction with the consumer or any service performed for the consumer; or
    (iii) Otherwise obtained by the financial institution.

    (B) Such term does not include publicly available information, as such term is defined by the regulations prescribed under section 6804 of this title.

    (C) Notwithstanding subparagraph (B), such term—

    (i) Shall include any list, description, or other grouping of consumers (and publicly available information pertaining to them) that is derived using any nonpublic personal information other than publicly available information; but

    (ii) Shall not include any list, description, or other grouping of consumers (and publicly available information pertaining to them) that is derived without using any nonpublic personal information.

    The Gramm-Leach-Bliley Act was enacted on November 12, 1999. In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy. The Gramm-Leach-Bliley Act required the Federal Trade Commission (FTC) and other government agencies that regulate financial institutions to implement regulations to carry out the Act's financial privacy provisions (GLB Act). The regulations required all covered businesses to be in full compliance by July 1, 2001.

    The FTC is responsible for enforcing its Privacy of Consumer Financial Information Rule (Privacy Rule). Anyone who uses this Guide should also review the Privacy Rule, found at 16 C.F.R. Part 313 (May 24, 2000).

    Gramm-Leach-Bliley Act

    Federal Functional Regulator Law & Legal Definition,

    The primary purpose of the W-8 form is to indicate to mutual fund companies and brokers that a foreign investor isn't subject to standard taxation practices where ... to indicate to mutual fund companies and brokers that a foreign investor isn't subject to standard taxation practices where investment income is not taxed.

    In a nutshell, a W 8 form is used by foreign businesses and non-resident aliens earning income from U.S. sources. Its purpose is mainly to let ... You probably don't have to worry about the W 8 form -- unless you're a non-resident alien. American citizens generally do not need to use W 8 forms, nor do resident aliens -- instead, they would use the corresponding W-9 form that certifies their tax identification number.

    "Of Course - With (the) respect to financial institutions and other persons subject to their respective jurisdiction"……………………

    I don't recall the site and so cannot give credit where credit is due:
    Last edited by Chex; 11-17-16 at 03:36 PM.
    "And if I could I surely would Stand on the rock that Moses stood"

  6. #6
    Quote Originally Posted by Chex View Post
    The primary purpose of the W-8 form is to indicate to mutual fund companies and brokers that a foreign investor isn't subject to standard taxation practices where ... to indicate to mutual fund companies and brokers that a foreign investor isn't subject to standard taxation practices where investment income is not taxed.
    That (quote from Investopedia) is "kosher pig poop seasoned with hen's teeth"--it just ain't so. The W8 is for anyone who is not citizen or national of the United States. Many banks may refuse to or are unable to provide bank accounts which are non-interest bearing which can result in reportable income for U.S. residents or U.S. citizens. A W8 or substitute document can be utilized by anyone who is not a citizen or national of the United States to assert their foreign status. The W8 can be utilized in any U.S. situation where there is or could be income. This is important considering that that one can be, say, a Texan and be foreign to the United States.

    Quote Originally Posted by Chex View Post
    In a nutshell, a W 8 form is used by foreign businesses and non-resident aliens earning income from U.S. sources. Its purpose is mainly to let ... You probably don't have to worry about the W 8 form -- unless you're a non-resident alien. American citizens generally do not need to use W 8 forms, nor do resident aliens -- instead, they would use the corresponding W-9 form that certifies their tax identification number.[/URL]
    The term "American citizen" means U.S. citizen.
    Last edited by allodial; 11-17-16 at 10:53 PM.
    All rights reserved. Without prejudice. No liability assumed. No value assured.

    "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
    "It is the glory of God to conceal a thing: but the honour of kings is to search out a matter." Proverbs 25:2
    Prove all things; hold fast that which is good. Thess. 5:21.

  7. #7
    Quote Originally Posted by allodial View Post
    That (quote from Investopedia) is "kosher pig poop seasoned with hen's teeth"--it just ain't so. The W8 is for anyone who is not citizen or national of the United States. Many banks may refuse to or are unable to provide bank accounts which are non-interest bearing which can result in reportable income for U.S. residents or U.S. citizens. A W8 or substitute document can be utilized by anyone who is not a citizen or national of the United States to assert their foreign status. The W8 can be utilized in any U.S. situation where there is or could be income. This is important considering that that one can be, say, a Texan and be foreign to the United States.



    The term "American citizen" means U.S. citizen.

    The term "American citizen" means U.S. citizen....also means national of the United States.......no distinction among the 3 terms.


    And true.....a Texan would be foreign to the United States....just as the invading usurper "United States" is foreign to the Nation "Texas".

  8. #8
    Quote Originally Posted by ag maniac View Post
    The term "American citizen" means U.S. citizen....also means national of the United States.......no distinction among the 3 terms.


    And true.....a Texan would be foreign to the United States....just as the invading usurper "United States" is foreign to the Nation "Texas".
    That may be the case though I don't recall any statutory definition showing American citizen (U.S. citizen or citizen of the United States) to include U.S. nationals (but it could). The key distinction worth noting, IMHO, is whether or not one regarded to be a citizen of the United States is in fact a "person born subject to the jurisdiction of the United States".

    P.S. Florida government officials are on record referring to Florida as a nation.
    Last edited by allodial; 11-18-16 at 09:32 PM.
    All rights reserved. Without prejudice. No liability assumed. No value assured.

    "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
    "It is the glory of God to conceal a thing: but the honour of kings is to search out a matter." Proverbs 25:2
    Prove all things; hold fast that which is good. Thess. 5:21.

  9. #9
    It is codified at 8 USC 1101(a)(22).....with (B) referring to the territories

    (22) The term “national of the United States” means (A) a citizen of the United States, or (B) a person who, though not a citizen of the United States, owes permanent allegiance to the United States.

    Each of the several states is a nation....all but practically abandoned by the people who are currently participating in the federal benefits & privileges program.

    But Fedgov knows they're there......,here's an obscure reference in section 5.23 of the Government Style Manual


    In designating the natives of the States, the following forms will be used.

    Alabamian Louisianian Ohioan
    Alaskan Mainer Oklahoman
    Arizonan Marylander Oregonian
    Arkansan Massachusettsan Pennsylvanian
    Californian Michiganian Rhode Islander
    Coloradan Minnesotan South Carolinian
    Connecticuter Mississippian South Dakotan
    Delawarean Missourian Tennessean
    Floridian Montanan Texan
    Georgian Nebraskan Utahn
    Hawaiian Nevadan Vermonter
    Idahoan New Hampshirite Virginian
    Illinoisan New Jerseyan Washingtonian
    Indianian New Mexican West Virginian
    Iowan New Yorker Wisconsinite
    Kansan North Carolinian Wyomingite
    Kentuckian North Dakotan

    Grammatically correct....I'm New Yorker........not "a" New Yorker. But I left that land more than half my life ago for Florida. So I now claim Floridian as my nationality (also long enuff to qualify as "1/2 cracker" ;-]
    Last edited by ag maniac; 11-19-16 at 01:47 PM.

  10. #10
    (U.S. citizen or citizen of the United States) to include U.S. nationals (but it could).
    Don’t know who Immihelp is but here is there interpretation.

    U.S. National - Difference between U.S. Citizen and U.S. National

    IRS interpretation

    Alien An individual who is not a U.S. citizen or U.S. national.

    U.S. National An individual who owes his sole allegiance to the United States, including all U.S. citizens, and including some individuals who are not U.S. citizens. For tax purposes the term "U.S. national" refers to individuals who were born in American Samoa or were born in the Commonwealth of the Northern Mariana Islands who have made the election to be treated as U.S. nationals and not as U.S. citizens.

    Immigrant An alien who has been granted the right by the USCIS to reside permanently in the United States and to work without restrictions in the United States

    Nonimmigrant An alien who has been granted the right by the USCIS to reside temporarily in the United States. Each nonimmigrant is admitted into the United States in the nonimmigrant status, which corresponds to the class of visa with which, or purpose for which, he entered the United States.

    An individual who owes his sole allegiance to the United States.

    Merriam Webster dictionary defines a citizen as “a person owing allegiance to and entitled to the protection of a sovereign state.”

    Black’s Law dictionary defines a citizen as “a person who owes allegiance to, and may claim reciprocal protection from, a government.”
    Last edited by Chex; 11-19-16 at 08:56 PM.
    "And if I could I surely would Stand on the rock that Moses stood"

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