Editor’s Note: This article was originally featured on cuna.org May 30, 2017 and has been modified.
The Currency Transaction Report (CTR) available on the Bank Secrecy Act (BSA) e-filing system will be updated in August, the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced last week. These changes are defined in a Federal Registernotice published by FinCEN in February.
Batch filers will be required to submit the updated CTR data in an XML-based file, rather than the current ASCII-based fixed-length delimited file. They will have 9 months from a to-be-determined go-live date in August to adhere to the new XML specification.
The system will continue to accept ACSII files until May 2018.
New or updated data fields include:
Part I Person Involved in Transaction: Renamed Item 2d from “Courier Service (private)” to “Common carrier;”
Part II Amount and Type of Transaction: Added a checkbox to Item 24 to reflect “Shared Branching;”
Part III Transaction Location:
Added an Unknown option 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; and
Added Item 42, cash out amount for transaction location;
Part IV Filing Institution Contact Information: Added this new section to collect data about the institution that filed the CTR.