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#355100 - 05/03/05 09:27 PM CTR - backfiling?
Anonymous
Unregistered

Let's just say that at a ficticious bank there is someone in charge of CTR filings. Just for an example lets say that person went through the large cash transaction report and repeatly marked a customer as exempt when they were in fact not exempt.
At this ficticious bank they went back to January 1,2005 and since that time their had been no CTR reportable transactions. How far back should this bank look to see if they might have accidentally missed filing a CTR for this customer?

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#355101 - 05/04/05 12:54 AM Re: CTR - backfiling?
Anonymous
Unregistered

Unfortunately, I believe you should go back until the last CTR you filed and move forward. If I'm not mistaken, the statute of limitations on failure to file CTRs would be five years since you are required to keep the copies for five years.

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#355102 - 05/04/05 03:23 AM Re: CTR - backfiling?
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
If it were me, I'd go back to the last BSA exam. (Assuming that I don't know of any errors prior to that.)

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#355103 - 05/04/05 09:14 AM Re: CTR - backfiling?
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Knowingly failing to file a CTR is a federal crime, not regulatory violation. A federal prosecutor is more likely to be able to cite you to a statute of limitations than a banker. The person who checked the large transaction report can say, "I misunderstood." You cannot.

I'm not certain whether you are saying the DEP was filed inappropriately or that it was never filed. However, if I were in your shoes I would exhaust all efforts to figure out exactly what happened and fix it without regard to hoping my efforts could be limited to a specific time frame.
Last edited by Ken_Pegasus; 05/04/05 12:14 PM.
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#355104 - 05/04/05 02:15 PM Re: CTR - backfiling?
GreatBlue Offline
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GreatBlue
Joined: Feb 2003
Posts: 2,362
Colorado
I agree with Ken, and would add that you need to find out how/why this happened. You may have an obligation to file a SAR on the person who did this.
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#355105 - 05/04/05 06:11 PM Re: CTR - backfiling?
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I would recommend that you contact the IRS representative for your state at the Detroit Computing Center to obtain a copy of the Check List for CTR Filing Determination form. The form was recently revised to better document MSB activities, so if you have an old form, it might be obsolete.
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