FinCEN seeks comment on currency report changes
Feb. 3, 2016 -- Comments are due April 4 to BSA currency transaction report (BCTR) revisions, which are designed to address limitations of the current report and allow for “alternative reporting models,” the Financial Crimes Enforcement Network (FinCEN) announced in a Tuesday (Feb. 2) notice in the Federal Register.
While no new regulatory requirements or changes to current BCTR requirements are outlined, FinCEN is seeking comments on technical matters designed to improve layout and reporting. “The BCTR was designed to facilitate financial institutions reporting the most frequently encountered transaction scenarios,” FinCEN stated in the announcement. “Since that time, FinCEN has become aware that the current report is not configured to allow for alternative reporting models that have developed in the last few years, such as reports filed by a parent company on behalf of its subsidiary.”
Changes will become effective only after comments are received and a final notice is released.