If you are a CTR batch filer, will you be ready to submit your CTR forms to FinCEN in the new XML based file by June 1, 2018?
On August 18, 2017, FinCEN announced the updated Currency Transaction Report (CTR) would be made available on the BSA E- Filing System on August 28, 2017. Batch filers had nine months from the August 28th “go-live” date to adhere to the new XML specification, rather than the current ASCII based file.
The June 1st deadline is quickly approaching and the BSA E-Filing System will only accept ASCII based batch files until May 31, 2018. Make sure you and your vendor are prepared to meet the June 1, 2018, deadline.
Also, if you are a discrete filer and still utilizing templates or saved versions of the previous CTR report, FinCEN will no longer accept these versions after May 31, 2018.
If you want to learn more about all the Currency Transaction Reports requirements, be sure to check out our CTRs, Exemptions & Monetary Instruments webinar on August 2, 2018!
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!