Since the electronic Bank Secrecy Act Currency Transaction Report (CTR) was introduced in March 2011, FinCEN became aware of some limitations with the current format and, in February 2016, proposed to amend it. Now, FinCEN has announced that, in August 2017, the electronic CTR available on the BSA E-Filing System will be updated with those proposed changes. The new or updated data fields do not create any new regulatory reporting requirements or make any changes to currency transaction reporting requirements. The updates will be added to the online discrete CTR as well as the CTR batch files.
FinCEN will host a “technical” webinar on June 21, 2017, to provide an overview of the XML specifications and address any questions regarding the XML User Guide. FinCEN urges application developers and programmers to register and attend this webinar.
The new or updated data fields are:
Part I Person Involved in Transaction
- Renamed Item 2d from “Courier Service (private)” to “Common carrier”
Part II Amount and Type of Transaction(s)
- Added a “Shared Branching” checkbox to Item 24
Part III Transaction Location
- Added an “Unknown” checkbox to Item 29, Primary Federal Regulator
- Added an “Unknown” checkbox to Item 32, EIN
- Added Item 37, “Country”
- Added Item 41, “Cash in amount for transaction location”
- Added Item 42, “Cash out amount for transaction location”
Part IV Filing Institution Contact Information
- Added new Part IV “Filing Institution Contact Information”
To learn more about CTR’s see our upcoming webinar!
Deb joined Banker’s Compliance Consulting with twenty years of experience in the banking industry. Her past positions include teller, credit review analyst, assistant financial officer, BSA Officer, Compliance Officer, and Director of Compliance. She has worked for both a small community bank and a large billion-dollar bank.
Deb has Associate Degrees in Business Management and Accounting. She is a graduate of the American Bankers Association National Graduate School of Compliance Management, an honors graduate of Schools of Banking Compliance School, and a graduate of Schools of Banking Advanced School of Banking. Deb’s considerable knowledge and experience make her a valuable member of the Banker’s Compliance Consulting Team. Deb is a Certified Regulatory Compliance Manager (CRCM) and a Certified Anti Money-Laundering Specialist (CAMS).
Deb loves to spend her free time cycling, running, kayaking and weight lifting with her husband. Between them, they have three adult children and six grandchildren. Other interests include anything outdoors and anything she hasn’t done or seen yet!