The Currency Transaction Report (CTR) available on the Bank Secrecy Act (BSA) e-filing system will be updated in August, the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced last week. These changes are defined in a Federal Register notice published by FinCEN in February.
Batch filers will be required to submit the updated CTR data in an XML-based file, rather than the current ASCII-based fixed-length delimited file. They will have 9 months from a to-be-determined go-live date in August to adhere to the new XML specification.
The system will continue to accept ACSII files until May 2018.
New or updated data fields include:
FinCEN will host a technical webinar for application developers and programmers on June 21 to provide an overview of the XML specifications and also address any questions regarding the XML User Guide. Registration is currently open.