CCUL Headlines: Compliance

CUNA shares FinCEN changes to CTR coming in August

Wednesday, July 5, 2017   (0 Comments)
Posted by: News Now (CUNA)
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Editor’s Note: This article was originally featured on 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 Register notice 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.

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