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Can you summarize Assessing Compliance with BSA Regulatory Requirements > Currency Transaction Reporting (2021)?
Assessing Compliance with BSA Regulatory Requirements > Currency Transaction Reporting (2021)
Short Summary
This document outlines the regulatory requirements for currency transaction reporting for banks. It specifies that banks must electronically file a Currency Transaction Report (CTR) for each transaction in currency of more than $10,000. However, certain transactions involving exempt persons may be exempt from reporting. The document also requires banks to verify and record the identification information of individuals conducting transactions. It further explains the aggregation of currency transactions and provides guidance on determining when transactions conducted by separately incorporated businesses should be aggregated. The document also addresses the requirements for structuring transactions to evade CTR filing and the penalties for non-compliance. It emphasizes the electronic filing and record retention requirements for CTRs. Examiners are advised to assess the bank’s compliance with these requirements and review the adequacy of the bank’s internal controls for reporting currency transactions.
Whom does it apply to?
Banks
What does it govern?
Currency transaction reporting
What are exemptions?
Exempt persons meeting specific criteria
What are the Penalties?
Civil and criminal penalties under the BSA
Jurisdiction
U.S. Federal Government