FinCEN wants to revise CTR

The Financial Crimes Enforcement Network has published [81 FR 5518] a Notice and Request for Comments on proposed revisions to the Currency Transaction Report (CTR) to allow for alternative reporting models that have developed since the current CTR was created in 2011, such as reports filed by a parent company on behalf of its subsidiary. The proposed revised layout would also facilitate reporting of a "shared branching" transaction, often seen among credit unions. This notice does not propose any new regulatory requirements or changes to the requirements related to currency transaction reporting, but rather seeks input on technical matters designed to improve the layout and reporting of the CTR. Written comments on the proposal will be accepted through April 4, 2016.