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FOS Blog

21 Sep
2018

Pop Quiz – Shared Branching on New Currency Transaction Report

Pop Quiz – Shared Branching on New Currency Transaction Report

You may have noticed a new option called “Shared Branching” on the updated Currency Transaction Report (CTR) form.  “Shared Branching” could only mean one thing – the customer conducted transactions on a single day at multiple branches, right?

Right if you are a credit union, but wrong, if you are a bank.  The “Shared Branching” option should only be used by credit unions and refers to a cooperating agreement for accepting deposits among credit unions.

When in doubt, and before you check off a box, contact FinCEN or refer to FinCEN’s CTR filing instructions:

https://www.fincen.gov/sites/default/files/shared/FinCEN%20CTR%20ElectronicFilingInstructions%20-%20Stand%20Alone%20doc.pdf

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