Summary outlines proposed changes to BCTR
Feb. 9, 2016 -- Five specific changes to the current Bank Secrecy Act Currency Transaction Report (BCTR) are being sought by the Financial Crimes Enforcement Network (FinCEN), which is also seeking specific comments in six areas from financial institutions and regulators, a new NASCUS summary of the proposal reveals.
Comments on the proposal are due April 4.
While there are no additional regulatory requirements contained in the proposal (nor substantive changes to CTR requirements), the NASCUS summary points out that the current BCTR – adopted nearly five years ago – contains a range of reporting limitations. The “proposed collection” by FinCEN seeks to address those limitations.