Currency Transaction Reporting (CTR)
Is your CTR process tying up valuable time and resources?
Manual processes for completing a currency transaction report (CTR) are costly, time consuming, and perhaps most damaging of all, may lead to missed reports. Verafin automates the CTR filing process so that reports do not have to be re-typed the entire CTR information into the e-filing system.
Verafin simplifies the process.
- The new FinCEN CTR form
- Automatically generates CTRs using transaction data from the core banking system
- Aggregates daily transactions to create a CTR as necessary
- Detects transactions that are potentially reportable, such as ATM transactions where the monetary instrument is unknown; if identified as cash, a CTR is automatically generated
- Populates and validates required fields on the FinCEN 104 Form
- Provides an easy-to-follow reporting workflow and prioritizes reports by due date
- Automatically submits reports electronically to FinCEN (Batch BSA Filing)
- Provides the ability to exempt customers from the reporting process
- Provides the ability to create CTRs for transactions not captured by your core banking system
- Saves comments and notes for any report
- Generates a report for all CTRs filed within a given time period
- Archives CTRs for five years for easy access, viewing and printing
Click here to download a Currency Transaction Report (CTR) feature sheet.