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Banking and Finance

BSA/AML Compliance – The Importance of Currency Transaction Reports (CTRs)

Money laundering compliance using CTRsCurrency Transaction Reports have been around since the Money Laundering Control Act of 1986, and along with its stricter Suspicious Activity Report progeny implemented in 96, have greatly contributed to a financial institution’s compliance workload. Some argue they’re ineffective and that time spent filing FinCEN Form 104s could be better applied somewhere else, but in a recent Sheshunoff™ webinar, AML expert Nelson Everhardt explained why CTRs are important. 

Mr. Everhardt is also an author and responsible for the BSA and AML programs for us. We extracted a short segment from his latest certification program and made it available below. If you experience issues with the video, continue reading for further details and the full transcript. 

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