BSA for Tellers & CSRs: Currency Transaction Reports

While Tellers and Customer Service Representatives (CSR) might not be the ones that actually file a Currency Transaction Report (CTR) with FinCEN, their knowledge of the CTR ins and outs is essential. Tellers and CSRs are your first line of defense when it comes to detecting when a CTR must be filed, gathering the required information, and watching for any suspicious activity.

Kevin explains more in the video.

 

BSA Resources!

Video Highlights:

  • Banks have been deputized to collect financial intelligence on its customers and report it to the government.
  • The Bank Secrecy Act (BSA) requires banks to fill out a CTR when cash transactions exceed $10,000 or more in a single day.
  • Banks should look out for structuring, which is when customers break down large amounts of cash into smaller transactions in order to avoid filing CTRs.

Published
2023/02/27

 
Kevin Edwards

Kevin Edwards

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).

Recent Posts

Top Violations: Application Date

Marketing & UDAAP

Join the AML/CFT Membership Group!

Archives

see all topics