Thursday, May 14, 2009

Currency Transaction Report Reference Guide

The Financial Crimes Enforcement Network (FinCEN) recently released an educational pamphlet, "Notice to Customers: A CTR Reference Guide." This pamphlet explains the Currency Transaction Report (CTR) reporting requirement to members who may not be familiar with the credit union's obligations under the Bank Secrecy Act (BSA).

This consumer pamphlet should be useful for member questions regarding currency transactions at the credit union. The pamphlet explains that large currency transactions are not illegal, but all financial institutions are required to obtain information from their account holders when conducting such transactions. It also explains what constitutes structuring and explains that if a member attempts to structure transactions there are potential civil and criminal consequences.

I applaud FinCEN for creating this educational pamphlet. Our plans are to make these pamphlets available in our branch offices as well when members have questions regarding cash transactions.

Here is a link to the pamphlet:

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