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.

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