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This form is for credit unions in Wisconsin to declare their exempt status from franchise or income tax, and outlines filing instructions and requirements.
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CU stands for Currency Transaction Report (CTR) under U.S. money laundering regulations, which requires financial institutions to report transactions involving cash in excess of a specified amount.
Any financial institution, including banks, credit unions, and money services businesses, is required to file a CU for any cash transaction that exceeds the reporting threshold set by law.
To fill out a CU, financial institutions must provide details including the date of the transaction, the amount of cash received or disbursed, the identity of the individuals involved, and any relevant account information.
The purpose of CU is to help detect and prevent money laundering and other financial crimes by monitoring significant cash transactions and identifying suspicious activities.
The CU must report information including the name and address of the person conducting the transaction, the type of transaction, the date and amount involved, and any identifying numbers like Social Security or tax identification numbers.
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