CRI Partner Doug Mims is presenting Currency Transaction Reporting, Documentation, and Monetary Instruments at the Georgia Bankers Association’s BSA Experience on Tuesday, August 20, 2019. This experience is designed to take BSA officers, compliance officers, risk management officers, internal auditors, and their teams through all topics that support an effective BSA program.
A financial institution is required to file a Currency Transaction Report (CTR) for each transaction in currency which includes a deposit, withdrawal, exchange or other payment or transfer) of more than $10,000 as a single transaction or in an aggregate. Doug’s session will go in-depth on the recordkeeping requirements for the purchase and sale of monetary instruments. This presentation will cover CTR requirements, when financial institutions may exempt a customer based on Phase I and Phase II exemptions, how to monitor, and frequent audit findings based on known gaps in a financial institutions CTR process.