United States

FinCEN updates the Currency Transaction Report

COMPLIANCE NEWS  | 

The Financial Crimes Enforcement Network (FinCEN) has announced that the updated Currency Transaction Report will be available in August 2017. FinCEN has amended the current Currency Transaction Report to address the limitations identified since the last revision published in March 2011. The updated Currency Transaction Report will reflect the changes identified in the Federal Register notice published in February 2016. Updates to the amended Currency Transaction Report will include the following:

  • In Part I of the Currency Transaction Report, Line Item 2d has been amended to reflect “Common carrier” rather than “Courier Service (Private).
  • In Part II of the Currency Transaction Report, Line Item 24 has been amended to include “Shared Branching.”
  • In Part III of the Currency Transaction Report, Cash-in and Cash-out fields have been added to report the dollar amount of the transaction conducted at the transaction location.
  • In Part III of the Currency Transaction Report, Line Item 29 has been amended to include an “Unknown” option.
  • In Part III of the Currency Transaction Report, Line Item 32 has been amended to include an “Unknown” option.
  • In Part III of the Currency Transaction Report, Line Item 37 has been added to report the “Country” of where the transaction takes place.
  • A new Part IV page has been added to the Currency Transaction Report to report the institution completing the Currency Transaction Report.

These updated fields will be included on the online discrete Currency Transaction Report as well as the Currency Transaction Report batch files. Further information regarding the updated Currency Transaction Report can be found in this important notice.