Friday, April 19, 2019

Filing the New CTR Forms: What you need to Know

Posted by David February 26, 2013 5:04pm

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Beginning on April 1, 2013, the new FinCEN CTR forms will be mandated. Older versions of the reports will not be accepted into the E-filing system after March 31, 2013. In addition, the new filing requirement will eliminate the 25 days allowed for electronic filing. New filings must be submitted within 15 days of the date of the transaction.

The new CTR form has a few additional fields. Such fields include Gender of the Person involved in the Transaction (Part I), NAICS (North American Industry Classification) for occupation or type of business of the person involved in the transaction(s).  Institutions must select and option if the transaction(s) were conducted by the agent of a private courier service such as an armored car company engaged by the person(s) involved in the transaction(s) and not by the reporting financial institution. In that case the information on the courier service’s agent will be recorded in Part I.  

Certain fields must be completed otherwise the form will not be accepted. These fields are referred to as “Critical fields” for filing purposes. According to the guidance FIN-2012-G002, “For these items, the filing institution must either provide the requested information or affirmatively check the "unknown" (Unk.) box that is provided with each critical field. This unknown box will thus supersede FinCEN's previous guidance where we have requested that filers input "N/A" or "XX" in certain fields. For those fields that are not marked as "critical" for technical filing purposes, the BSA E-Filing System will accept reports, in which these fields have been left blank”.

 There has been some debate on Banker’s Online and other banking forums whether such non-critical fields are to be completed if the information is available. According to FinCEN’s guidance, ”FinCEN expects, however, that financial institutions will provide the most complete filing information available within each report consistent with existing regulatory expectations, regardless of whether or not the individual fields are deemed critical for technical filing purposes”. Therefore, it would be a best practice to provide FinCEN with the most complete report if the information is readily available.

For more information, refer to the following link from FinCEN’s website.


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