Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CTR reporting pamphlet issued by FinCEN
WASHINGTON (3/4/09)--The Financial Crimes Enforcement Network (FinCEN) has released a pamphlet on currency transaction reporting (CTR) as required by the Bank Secrecy Act. The pamphlet, “Notice to Customers: A CTR Reference Guide,” explains why financial institutions must require identification and personal information for transactions that trigger CTR, defines “structuring”--breaking up currency transactions to avoid reporting them to the government--and provides examples of structured transactions. Federal law requires financial institutions to report currency transactions over $10,000 conducted by or on behalf of one person, and multiple currency transactions that aggregate to be more than $10,000 in one day. The federal law requiring these reports was passed to safeguard the financial industry. To see the pamphlet, use the link.
Other Resources

RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
10 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
10 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
11 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
12 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
13 hours ago