Compliance Question of the Week
November 19, 2013
Nov. 19, 2013
Are we supposed to give a member a copy of the Currency Transaction Report (CTR) we are filing just because he wants one?
There is no rule by FinCEN that mandates a credit union give a copy of the CTR to the affected member. The credit union does have several options:
- Give the member a copy of the CTR;
- Give the member a blank CTR;
- Show the member the completed CTR, but do not provide a copy;
- Develop a policy of not giving out copies of CTRs;
- Develop a policy of giving out copies of CTRs; or
- Direct the member to the FinCEN website for additional information
It is important to remember that a Suspicious Activity Report (SAR) cannot be disclosed to the member and a copy should never be provided to the member.
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.
Posted in Compliance.