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#1230258 - 08/10/09 05:40 PM How far do you go back to amend CTRs?
MHuff Offline
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MHuff
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It's been discovered that we have been filing CTRs incorrectly for loan payments made in cash. Instead of box 36 (other) being checked, box 34 (deposits/withdrawals) has been checked. How far should we go back to correct other CTRs like this?
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#1230292 - 08/10/09 06:12 PM Re: How far do you go back to amend CTRs? MHuff
Elwood P. Dowd Offline
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To my knowledge, there is nothing in writing about what is a material error that requires correction or how far back you should go. I encourage you to contact FinCEN's Helpline @ 800.949.2732.

Anticipate that they will ask you how far back this goes and how many corrections might be involved. (This is not a backfiling determination; these forms were already filed.)

Make a note of the date, time, & who you spoke with and follow the advice. Write a memo to file explaining the situation, how you found it and what training steps you have taken to make certain it does not happen again. (Examiners will see the corrections, have your explanation ready.)
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#1230350 - 08/10/09 07:18 PM Re: How far do you go back to amend CTRs? Elwood P. Dowd
ComplianceGurl, CRCM Offline
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I just very recently went through this. We had been filing on a business customer for the same transaction that occured once/week for the last 5 years..actually it went back farther but we only had to go back 5. It was a minor correction like yours. I called our regulator and he instructed me to call the IRS for a backfiling determination...I know, we already filed the CTRs. That did the trick. Due to the large volume of correctons that needed to be done and it was the same on all CTRs filed, they allowed me to request a mass correction be performed. I simply had to send them a letter with what the correction was. I documented everything and so far, so good. Good luck!!

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#1230352 - 08/10/09 07:20 PM Re: How far do you go back to amend CTRs? ComplianceGurl, CRCM
ComplianceGurl, CRCM Offline
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BTW, I had also contacted FinCEN and they instructed me to re-file corrected CTRs. When I told them the number of CTRs involved they suggested I call the IRS.

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#1231957 - 08/13/09 11:44 AM Re: How far do you go back to amend CTRs? ComplianceGurl, CRCM
Elwood P. Dowd Offline
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Your experience may have been an anomaly; FinCEN’s internal protocol is that their “Compliance Office” should answer the question, making a determination whether mass corrections are necessary based on the burden to the filer and the usefulness to law enforcement.

They do not usually delegate the decision to the IRS.
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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#1232168 - 08/13/09 04:24 PM Re: How far do you go back to amend CTRs? Elwood P. Dowd
ComplianceGurl, CRCM Offline
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Oh, believe me, I considered myself very lucky and made sure I took names, badge numbers, etc. for future reference. I'm hoping this does not come back to haunt me.

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