If an individual exchanges less than $1,000 and pays by credit card, does the exemption from carrying out the applicable customer identification procedure apply?
A. Yes, the exemption also applies to currency exchanges that involve a credit card payment for the purchase of currency below $1,000. However, the exemption does not apply where a reporting entity determines that it should obtain and verify information about a customer in accordance with its AML/CTF program. For example, where the currency exchange provider determines that the situation warrants the application of their enhanced customer due diligence program.
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