SOLUTION

Currency Transaction Reporting (CTR)

Verafin automates your CTR processes from report generation to e-filing directly with FinCEN.

Increase your regulatory reporting efficiency

Currency Transaction Reports (CTRs) can be time consuming processes fraught with potential error.

Verafin scans all transactions in your core system to fully automate your CTR creation and submission process. The latest FinCEN report is auto-populated with all necessary data and electronically filed directly with FinCEN.

Features

AUTOMATED REPORT GENERATION

Verafin scans your customers’ transactions every night and automatically generates any required CTRs for you to review the next morning. Even better, the CTRs are auto-populated with all the required data, meaning you can quickly review and submit directly with FinCEN.

DIRECT FinCEN E-FILING

CTRs can be quickly reviewed and submitted electronically to FinCEN directly from Verafin. At the click of a button you can queue the report for overnight e-filing directly from the Verafin application to FinCEN.

REPORTING WORKFLOWS

CTR workflow dashboards provide you with a quick visual overview of the status of your reports, from incomplete to accepted by FinCEN.

AUTO-SUBMIT COMPLETE REPORTS

You can configure Verafin to auto-submit CTRs directly to FinCEN for customers you specify, without requiring you to review the report.

Benefits

Capture your potential CTRs

Verafin will auto-generate a CTR based on a customer’s transactions. It also creates “potential” CTRs for you to review when a customer uses an ATM to deposit funds and the contents of the ATM envelope, if cash, will require submission of a CTR.

No more searching for data

No more digging through endless reports to determine when or if a CTR is required. No more back and forth between headquarters and multiple branches to gather incomplete reports or fix mistakes. Verafin auto-populates CTRs with all required information.

Examiner-friendly audit trails

Verafin maintains a log of all user activity, showing who generated, reviewed, and submitted the report. Plus, system-generated copies of your CTRs are archived for a minimum of seven years. It all adds up to smoother BSA exams and happy examiners.

Never miss a due date

The CTR homepage provides you with a quick view of reports sorted by their submission deadline.

More Verafin Benefits

Automated SAR functionality. At the click of a button you can create a pre-populated SAR. Complete your narrative and queue it for overnight electronic submission directly from Verafin to FinCEN. Verafin can also remind you when it is time for 90-day refiling, if the suspicious activity continues. Learn more >
Integrated case management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions — all in one location. Learn more >
Enterprise reporting. With hundreds of ad-hoc data reports, and the ability to create custom reports that include the information fields you need, Verafin helps improve auditing, reporting and record-keeping of all aspects of your fraud and AML detection efforts. Learn more >
Watch list scanning. Verafin automatically scans your customers nightly against installed watch lists, including OFAC, 314(a), and internally-created lists. You, or your front line staff, can also manually search watch lists for entities at any time. Learn more >

Interested in learning more about Verafin's Currency Transaction Reporting Solution?

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