Currency Transaction Reports (CTRs) - how to avoid issues with filing
Think about all that time you are spending on CTRs dealing with "common" issues. What if we can alleviate those concerns and help you build a reference library? That's what we are going to do during this training.
CTRs are required to be filed out by financial institutions (other industries too!) for any type of transaction conducted over $10,000. To determine if a CTR is required, is the simple part. Filing out the form requires you to have certain knowledge of your customer. Most of this information was obtained during the onboarding process. This is one part of the equation; The next part is understanding the financial transaction that occurred. That means knowing the conductor, where the money was deposited, whether an armored car was involved and a lot more. We will discuss this and more during the webinar and, other common issues that occur and ways to deal with them.
- Introduction to CTRs
- Our reference library
- Recent guidance from FinCEN and other regulatory agencies
- Walking through the CTR with real-life examples
- Discussion on common issues and how to deal with them!
- Tips and other thoughts
Under the Bank Secrecy Act (BSA), there are reporting obligations for financial institutions doing business in the US. A currency transaction report is one of those obligations. A CTR must be filled out whenever a customer conducts a currency transaction over $10,000. There are some exemptions which we will go over as well. Remember with CTRs, it is a form we file to help prevent money laundering,
We are going to work through a CTR, address common issues, build our reference library and go over some real-life examples.
- Staff members who are responsible for completing and/or reviewing CTRs.
- Managers who oversee the filings of CTRs.
Justin brings over 20 years of wide-ranging experience in compliance, training, and regulation in the financial services sector. Most recently, he served as Head of Compliance Training at Bank of China, where he led the compliance training function and created and monitored the annual training plan through a thorough training needs analysis. Previously, he served as Macquarie Group’s Head of Americas Compliance Training and J.P. Morgan Chase’s compliance training manager. He also worked for FINRA, a US regulator, where he created Examiner University to train examiners on how to perform their function.
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