BSA compliance is the responsibility of everyone in your institution. On the operations side, you might be more involved when it comes to the filing of Currency Transaction Reports (CTRs) or maybe that falls on your BSA department. Either way, you still play a crucial role in detecting when a CTR (or even a suspicious activity report) may need to be filed.
Kevin explains more in the video.
Video Highlights:
- A CTR is required when cash activity exceeds more than $10,000 in any single day.
- Customers may layer their transactions to stay below the filing threshold.
- Layering or other structuring of transactions can be a red flag.
Published
2024/05/20
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).
