In compliance with the Financial Crimes Enforcement Network (FinCEN) requirements, CU*Answers has updated the Currency Transaction Report (CTR) used by our credit unions. The new format closely matches the sequence of fields credit unions enter in FinCEN’s e-Filing system today.  Credit unions have been e-Filing since the end of 2012 when FinCEN made electronic filing the only allowed filing method for CTR’s.

The CTR form pops-up during qualifying teller transactions and member information is automatically filled in for the credit union.  “This new format also prepares us for automated filing in the near future” said Jim Vilker, VP of Professional Services.  CU*Answers began working with FinCEN last September to make the necessary software enhancements that will lead to an automated file transmission of CTR’s for all clients. The filing process will be part of the end of day routine and credit unions will also receive and manage error’s sent back from FinCEN.  This new functionality is expected save credit unions valuable time as they will no longer be required to manually enter the CTR information via the FinCEN website.  The target release date is the fall of 2013.