Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
FinCEN Spanish-language CTR pamphlet available
WASHINGTON (12/30/09)--The Financial Crimes Enforcement Network (FinCEN) has made available a Spanish-language version of its brochure “Notice to Customers: A CTR Reference Guide.” The guide is designed to be a resource for credit unions and other financial institutions to address questions frequently asked by members or customers regarding the Bank Secrecy Act (BSA) requirement to report transactions in currency that exceed $10,000. "Currency transaction reports provide unique and reliable information that is essential to supporting investigations and detecting criminal activities," said FinCEN Director James Freis, Jr. when announcing the Spanish-language brochure last month. "We hope that financial institutions find this pamphlet useful for communicating with a wider range of customers the importance of compliance with the reporting requirement." According to FinCEN, its pamphlets use “plain language” to explain the reporting requirement to those who may not be familiar with a financial institution's obligations under the BSA. They explain that large currency transactions are not illegal, but that financial institutions are required to obtain information from their customers when these transactions occur, and that if a customer attempts to break up, or "structure," transactions in order to evade the CTR reporting requirement, there are potential civil and criminal consequences. Use the resource link below to access the Spanish- and English-language booklets.
Other Resources

RSS





print
News Now LiveWire
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
46 minutes ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
3 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
3 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
4 hours ago
.@NJCUL Southern Chapter meeting canceled due to the impending snowstorm
4 hours ago