Your top 5 BSA questions answered

by. Coppelia Padgett

Recently, our firm participated in an NCUA-sponsored workshop devoted to the Bank Secrecy Act. This event was immensely popular, attracting some 2,000 attendees. Of course, with that many in attendance, it was impossible to get to all the questions that were asked. Hence, we’ve decided to group the most popular questions into five representative questions and give our response.

Presenting, without further ado, the five most popular types of questions received after the NCUA BSA Workshop.

  1. If an individual originates a cash transaction on a non-business day (Sunday) with an effective date of the next business day (Monday), and then makes another cash transaction on Monday—and aggregated together they are over 10K—do you file a CTR?*

 Answer: 31 CFR Section §103.22, “Reports of transactions in currency,” indicates the following:

“Deposits made at night or over a weekend or holiday shall be treated as if received on the next business day following the deposit.” 

Generally, if transactions post on the same day, they are considered to have been made on the same day and require a CTR if over the reporting limit. The reverse is also true: If they do not post on the same day, they are not considered to have been made on the same day.  In this regard, institutions should refer to FinCEN Rulings FIN-2001-R002 and FIN-2012-G001 for more guidance.

continue reading »