Currency Transaction Reporting (CTR) Requirement Educational Pamphlet

09-RA-04 / March 2009
Currency Transaction Reporting (CTR) Requirement Educational Pamphlet
Subject
BSA/AML
To
Federally Insured Credit Unions
Status
Active
To
Federally Insured Credit Unions
Subj
Currency Transaction Reporting (CTR) Requirement Educational Pamphlet

Dear Board of Directors,

The Financial Crimes Enforcement Network (FinCEN) recently released an educational pamphlet, “Notice to Customers: A CTR Reference Guide.” This pamphlet explains the CTR reporting requirement to members who may not be familiar with the credit union’s obligations under the Bank Secrecy Act (BSA).

This pamphlet does not alter a credit union’s BSA reporting requirements. The pamphlet explains that large currency transactions are not illegal, and that credit unions are required to obtain information from their members when conducting such transactions. The pamphlet also explains what constitutes structuring and explains that if a member attempts to structure transactions there are potential civil and criminal consequences.

http://www.fincen.gov/ (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) . FinCEN is exploring the possibility of printing a supply of these pamphlets so credit unions can order them from FinCEN in the future.

http://www.fincen.gov/ (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) .

If you have any questions regarding this educational pamphlet, please contact your district examiner, regional office, or state supervisory authority.

Sincerely,

/s/

Michael E. Fryzel
Chairman

Footnotes

Last modified on
09/25/20