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FinCEN Changes to Currency Transaction Report to Start in August
Tuesday, May 30, 2017 6:35 AM

The Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that the Currency Transaction Report (CTR) available on the Bank Secrecy Act (BSA) e-filing system will be updated in August. These changes are defined in a Federal Register notice published by FinCEN in February.

Batch filers will be required to submit the updated CTR data in an XML-based file, rather than the current ASCII-based fixed-length delimited file. They will have 9 months from a to-be-determined go-live date in August to adhere to the new XML specification. The system will continue to accept ACSII files until May 2018.

New or updated data fields include:

  • Part I Person Involved in Transaction: Renamed Item 2d from “Courier Service (private)” to “Common carrier;”
  • Part II Amount and Type of Transaction: Added a checkbox to Item 24 to reflect “Shared Branching"; 
  • Part III Transaction Location:
    • Added an Unknown option to Item 29, Primary Federal Regulator;
    • Added an Unknown checkbox to Item 32, EIN;
    • Added Item 37, Country;
    • Added Item 41, cash in amount for transaction location; and
    • Added Item 42, cash out amount for transaction location; 
  • Part IV Filing Institution Contact Information: Added this new section to collect data about the institution that filed the CTR.

FinCEN will host a technical webinar for application developers and programmers on June 21 to provide an overview of the XML specifications and also address any questions regarding the XML User Guide. Registration is currently open.