Compliance: FinCEN changes to CTR start in August

first_imgThe Currency Transaction Report (CTR) available on the Bank Secrecy Act (BSA) e-filing system will be updated in August, the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced last week. These changes are defined in a Federal Register notice published by FinCEN in February.Batch filers will be required to submit the updated CTR data in an XML-based file, rather than the current ASCII-based fixed-length delimited file. They will have 9 months from a to-be-determined go-live date in August to adhere to the new XML specification.The system will continue to accept ACSII files until May 2018.New or updated data fields include:Part I Person Involved in Transaction: Renamed Item 2d from “Courier Service (private)” to “Common carrier;”Part II Amount and Type of Transaction: Added a checkbox to Item 24 to reflect “Shared Branching;” 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img

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