Currency Transaction Reports (CTRs) play a crucial role in preventing financial crime, and banks must ensure that the information provided is complete and accurate. Failing to do so can impact not only the analysis of the data but it can hinder law enforcement agencies that rely on the information for their investigations. By complying with these requirements, institutions make it easier for FinCEN and other agencies to monitor and track suspicious activities.
Kevin explains more in the video.
Video Highlights:
- A CTR must contain the most complete and accurate information possible.
- Required fields on the form should not be left blank, including telephone numbers and email addresses that are in possession of the bank.
- If certain information is not readily available to the bank, “non-critical” fields can be left blank.
Published
2023/06/30
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).
