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: