FinCEN Announces “Technical” Webinar for CTR Updates

Since the electronic Bank Secrecy Act Currency Transaction Report (CTR) was introduced in March 2011, FinCEN became aware of some limitations with the current format and, in February 2016, proposed to amend it.  Now, FinCEN has announced that, in August 2017, the electronic CTR available on the BSA E-Filing System will be updated with those proposed changes.  The new or updated data fields do not create any new regulatory reporting requirements or make any changes to currency transaction reporting requirements.   The updates will be added to the online discrete CTR as well as the CTR batch files.

FinCEN will host a “technical” webinar on June 21, 2017, to provide an overview of the XML specifications and address any questions regarding the XML User Guide.  FinCEN urges application developers and programmers to register and attend this webinar.

The new or updated data fields are:

Part I Person Involved in Transaction

  • Renamed Item 2d from “Courier Service (private)” to “Common carrier”

Part II Amount and Type of Transaction(s)

  • Added a “Shared Branching” checkbox to Item 24

Part III Transaction Location

  • Added an “Unknown” checkbox to Item 29, Primary Federal Regulator
  • Added an “Unknown” checkbox to Item 32, EIN
  • Added Item 37, “Country”
  • Added Item 41, “Cash in amount for transaction location”
  • Added Item 42, “Cash out amount for transaction location”

Part IV Filing Institution Contact Information

  • Added new Part IV “Filing Institution Contact Information”

To learn more about CTR’s see our upcoming webinar!

Published
2017/06/19
David Dickinson

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

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