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BSA/AML Currency Transaction Report (CTR) Requirements and Exemptions

Learn the nuts and bolts of Currency Transaction Reporting and the processes and procedures for filing CTRs.

United States financial institutions are required to file Currency Transaction Reports for transactions involving more than $10,000. This requirement was created with the passage of the Bank Secrecy Act in 1970. Today, transactions of more than $10,000 are far more common. Customers may not understand why the bank is reporting information about their transactions to the government. This presentation will help banking executives, employees who interact with customers, and regulators regarding CTRs understand the history and rationale for the reporting requirements, the structure of the Bank Secrecy Act, and the important role banks play in combatting illicit finance.

64 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview and History of the Bank Secrecy Act

  • Passage and Purpose of the BSA in 1970
  • Developments to the BSA, From the Money Laundering Control Act in 1986 to the Anti-Money Laundering Act of 2020
  • Relevant Statutes, Regulations, and Guidance
  • Rationale for Recordkeeping and Reporting Requirements

Currency Transaction Reports and Exemptions

  • What Must Be Filed?
  • What Information Must Be Included?
  • How Is the Information Used?
  • Consequences for Failure to File

Processes and Procedures

  • Process for Assessing Exemptions
  • Recognizing and Reporting Structured Transactions
  • What to Do If You Fail to File

Other Reporting Requirements

  • Suspicious Activity Reports
  • Other Reports
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Why Lorman?

Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on December 19, 2022.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 36 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ian A. Herbert

Ian A. Herbert

Miller & Chevalier Chartered

Ian Herbert

  • Counsel at Miller & Chevalier Chartered in Washington, D.C.
  • Represents global companies, financial services companies, and executives through government investigations and related investigations, focusing on a range of issues such as bribery, tax fraud, money laundering, and financial crimes
  • Experienced engaging with the Department of Justice (DOJ), Securities and Exchange Commission (SEC), and other federal and state regulators
  • Represented more than a dozen bank employees in connection with investigations by the SEC and the Office of Comptroller of the Currency
  • Writes regularly on issues related to white-collar criminal enforcement and money laundering and is an editor of both the Executives at Risk newsletter, which reports on noteworthy cases and investigations impacting corporate executives, and the Money Laundering Enforcement Trends newsletter, which focuses on developments in money laundering regulation and enforcement
  • J.D. degree, New York University School of Law; B.A. degree, University of Michigan
  • Can be contacted at [email protected] or 202-626-1496
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Product ID: 405761
Published 2022
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