Currency Transaction Reports: The Why

Bank Secrecy Act requirements are crucial when it comes to detecting and preventing financial crimes such as money laundering. Money laundering techniques include placement, layering, and integration, and are designed to hide the true source of the funds. Criminals try to avoid detection by using smaller accounts or blending funds and Currency Transaction Reports (CTRs) are an essential tool when it comes to uncovering these types of illegal activities.

Kevin explains more in the video.

Video Highlights:

• CTRs help detect financial crimes, such as proceeds from drugs, corruption, human trafficking, and fraud.
• Money laundering seeks to hide the source of money when placing it into the banking system.
• Understanding the “why” behind a regulatory requirement often helps employees buy-in.

Published
2023/06/02