CU*Answers Updates CTR Screens

CU*Answers, the West Michigan-based cooperative CUSO, has released part one of a two part project to automate the electronic filing of CTR forms from the CU*BASE® core data processing system. Currently, the platform has the ability for credit unions to complete CTRs directly on the system using real transaction information, and a built in tracking function to make the compliance task easier to complete. In the first phase, CU*Answers has altered the CU*BASE forms screens based on FinCEN requirements, which are changing effect March 2013.

While the form cannot exactly match the look of the form as presented by FinCEN’s website, the data will be arranged in the same basic order. The credit union staff member will be presented with a sequence of screens according to the number of people involved in the transaction.

CU*Answers added that if the credit union is using the CU*BASE feature “Currently Serving”—an ability to choose which person on the membership the credit union representative is taking care of; i.e. a joint owner—the CU*BASE system will populate as much information as it can (name, address, etc.) about both parties, the joint owner and the primary member when the form is created.  This updated process of completing CTR forms will increase speed on the teller line, ease of completion, and lessen the credit union’s likelihood of making mistakes on the form.