CTRs

Financial Institutions dealing with cash are required to submit a Currency Transaction Report, commonly referred to as a CTR, to FinCEN any time a customer withdraws or deposits more than $10,000 in cash in one business day. This could happen in one or multiple transactions.

CTRs must be filed within 15 calendar days after the currency transaction(s) occurred. In addition, financial institutions must also retain a copy of the CTR and supporting documentation for a period of five years from the date of the report.

Here is a quick summary of the steps to create a CTR with the Unit21 platform.

1. Setup Rules: configure rules to flag potential CTR filings by defining criteria such as checking if the entity has any cash transactions with a sum equal to or exceeding $10k in a single day.
2. Generate Alerts:once the rules identify relevant activity, alerts will be generated for potential CTR filings.
3. Create a CTR: create a CTR filing directly from an alert. Autofill the Filing Institution and Transaction Locations.
4. Review and Submit a CTR: create a batch process to submit all CTR's from the previous week to FinCEN.