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Currency transaction reporting takes a lot of time, effort and energy to maintain compliance. Not only does the CTR have to be completed within a certain time, it must be completed correctly. When it comes to completing “critical” and “non-critical” fields on the CTR, confusion is quite common.
Click on the video to listen to Kevin explain more.
Read the transcript below!
Currency transaction reporting takes a lot of time, effort, and energy.
Currency transaction reporting takes a lot of time, effort, and energy to make sure that you are submitting a report and that it’s both in a timely manner and has all of the necessary information included on it. Now, remember FinCEN expects that all of the information that you have makes it into that report. There are some critical fields and some fields that are not deemed to be critical, but keep in mind, even in those non-critical fields, if you have the relevant information, you should be submitting it with that CTR. Little things like in the section where it allows you to put in an email address, oftentimes I go into banks and that email address box is not being completed, simply because it’s not a critical field. However, if you have the email address of the individual that you’re submitting it for, it should make its way into that report. Same with telephone numbers and any other occupation data that might not seem critical.
So, keep in mind, as you’re completing these CTRs, if you have the information or if the bank has the information, it should make its way into that CTR.
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Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them.
Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).