Currency Transaction Reports (CTRs): How to Deal With Common Issues for Filing
Understand the requirements for filing Currency Transaction Reports (CTRs) under the Bank Secrecy Act (BSA) and identify situations where they are necessary.
Duration: 1 Day
Hours: 1 Hour
Training Level: All Level
About the Course:
CTRs are required to be filed out by financial institutions (other industries too!) for any type of transaction conducted over $10,000. Determining 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 armoured car was involved and a lot more. We will discuss this and more during the webinar and also, other common issues that occur and ways to deal with them.
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.
Learn how to gather accurate information about customers and their transactions to complete CTR forms correctly.
Identify common issues encountered during the CTR filing process and explore effective solutions to resolve them.
Explore exemptions to CTR filing requirements and how to ensure compliance while preventing money laundering.
Course Objective:
- Understand the current AML regulatory environment and recent changes that require updates to internal systems, policies, and procedures.
- Identify the implications of new AML guidance and regulations on specific staff roles and responsibilities within financial institutions.
- Learn how to effectively align internal documents, systems, and reference materials with the latest AML updates.
- Prepare for potential future AML changes by exploring upcoming trends and planning for special projects to maintain compliance.
Who is the Target Audience?
- Legal & Compliance, Banking
Basic Knowledge:
- No prior knowledge is required
Curriculum
Total Duration: 1 Hour