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NCUA touts FinCENs CTR for consumers
ALEXANDRIA, Va. (3/31/09)—A recently released Financial Crimes Enforcement Network (FinCEN) pamphlet to explain currency transaction report (CTR) requirements to consumers could be helpful to credit unions’ discussions with their members, the National Credit Union Administration (NCUA) noted recently. Bringing the FinCEN material to the attention of federal credit unions, the NCUA wrote that the educational 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). Federal law requires financial institutions to report currency transactions over $10,000 conducted by or on behalf of one person, and multiple currency transactions that aggregate to be more than $10,000 in one day. The federal law requiring these reports was passed to safeguard the financial industry. “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 NCUA communication said. It also noted that the pamphlet, “Notice to Customers: A CTR Reference Guide,” explains what constitutes structuring and explains that if a member attempts to structure transactions there are potential civil and criminal consequences. News Now reported the pamphlet's release March 4. There is no requirement to use the pamphlet, but credit unions may print the booklet from the FinCEN website. Use the resource link below to access the FinCEN material.
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