Currency Transaction Reporting is a fact of life for all financial institutions. With millions of Currency Transaction Reports (CTRs) filed each year by thousands of individual filers, anyone working at a bank, credit union or trust company in a BSA compliance role will know how time consuming and resource intensive CTR filings can be. A single CTR can involve numerous people, currencies, institutions, and transactions — and incorrect filings or failure to report potentially suspicious activity can easily lead to fines or unsatisfactory exams.
Verafin’s new eBook is a comprehensive overview of CTRs and why they exist, with insights on successfully completing a form, regulatory requirements, the benefits of automation, plus valuable considerations for easier filing, and more.