The New FinCEN-CTR & FinCEN-SAR: Part 1: The FinCEN-CTR Report
Two hour tele-web seminar November 16, 2012
Use of the FinCEN CTR, SAR, and DOEP is mandatory after March 31, 2013. This series reviews instructions for completion of the new reports, emphasizing the commonalities and the differences between them and the legacy form.
This tele-web seminar will begin on Friday, November 16, 2012 at 11:30 AM to 1:30 PM Pacific Time.
Use of the FinCEN CTR, SAR, and DOEP is mandatory after March 31, 2013. This series reviews instructions for completion of the new reports, emphasizing the commonalities and the differences between them and the legacy form. Attendees will be able implement the necessary changes to their processes and internal training for identifying suspicious activity and forms completion. The presentation has been updated and reflects changes made in the report’s instructions in October, 2012.
The FinCEN-CTR Report (formerly BSA-CTR) reflects substantive changes to the responsibility to report large currency transactions. Its more sophisticated design breaks down aggregated transactions into individual components. It has many new data fields and a completion sensitivity that generates a need for over 130 different error codes.
We encourage you to prepare for this program in advance by viewing a brief webinar presented by FinCEN. Go to http://www.fincen.gov/ under”What’s New” to view the webinar.
- Electronic version only; no paper report
- Multi-industry format
- Identifying transaction delivery methods
- New information requirements
- Mandatory filing in 15 days; no extension for electronic filing
- Record retention requirement for supporting documentation
- Initial, amended, and backfiling CTRs
- Use of NAICS codes
- Listing multiple persons involved in the transaction
- Identifying the role of each person involved in the transaction
- Segregating individual transactions in a CTR reflecting aggregated transactions
- Including addresses from all branches involved in aggregated transactions
- Correction procedures
- Error codes
- Disposition of public comments received to date.
BSA officers, auditors and trainers with filing responsibilities. Explanations and comments are from an operational, not an IT perspective. This program does not meet the training needs of frontline personnel.
Ken Golliher is a principal with Pegasus Educational Services, LLC. He is an experienced banker with a unique ability to reduce complex legal concepts to plain English. Prior to becoming a full-time trainer, Ken was a community banker and General Counsel for a regional consulting firm for financial institutions. He has served on Compliance Schools sponsored by the OTS and the FDIC, and he has presented banking schools and seminars in over 25 states.
2.0 total credits
Member price: $250.00 | Non member price $500.00