Regulatory Compliance


We have reached the day where the old legacy BSA forms are no longer accepted. So, to welcome the new forms in, I thought I would provide you all with a little insight into one very common mistake I have seen while conducting independent tests.

Make sure to double check your CTR 112 forms to ensure that if multiple transactions are conducted on a single business day and when aggregated together warrant the filing of a CTR, Part 1 box 3 should be checked to indicate “multiple transactions.”

It is important to keep in mind that this is not listed as a “critical field” and the CTR can be submitted without it. Remember that FinCEN expects that the CTR will be as complete as possible when submitted.

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