Data Management for Currency Transaction Reporting

Many of the systems that are used to track currency transactions are aging and due for replacement. In addition, the Financial Crimes Enforcement Network is proposing changes to the currency transaction reporting (CTR) forms that are used to report cash transactions greater than $10,000. Now is the time for banks to reassess the capabilities of their CTR data systems. This article examines the expected CTR enhancements and outlines some important principles for financial services organizations to apply as they upgrade their capabilities.