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#2252641 - 04/19/21 10:49 PM CTR for person w/ protected address

We have a depositor that is part of the state's address confidentiality program. In our state, a PO Box is provided as their address.

How do I file a CTR for this person? Do I just accept the hit from FinCEN? The individual isn't supposed to provide their physical residence.

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#2252643 - 04/19/21 11:19 PM Re: CTR for person w/ protected address Anonymous
CULady Offline
Gold Star
Joined: Sep 2007
Posts: 486
Safest bet is to call FinCEN and/or your regulator. Everything else is just guess work from the peanut gallery (myself included!).

I would mark Unknown (it's not technically wrong!). Then I would update my CTR policy and procedures and note how we handle these accounts and do the same for all of them going forward.

My two cents: Even if FinCEN/regulator were to find this one CTR, it hardly shows a systemic failure of BSA and would not warrant a finding.

I think I would file it and move it to the next big issue. smile Good luck!

If you do happen to call FinCEN or your regulator, please update us! I'd love to hear their thoughts.


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#2252658 - 04/20/21 01:40 PM Re: CTR for person w/ protected address Anonymous
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,003
Cape Cod
FinCEN ruling FIN-2009-R003, which allows a bank to accept the business street address of the state official in charge of such programs under the "alternate contact individual" provision in the CIP rules, may provide some help here. While it doesn't mention the address to be used on a CTR, it does provide assurance that FinCEN is institutionally aware of the programs and has crafted a workaround for one of FinCEN's requirements.

If you do contact FinCEN about the CTR address, I suggest you mention FIN-2009-R003 as support for your argument that FinCEN accept the same solution for CTR addresses, or agree that using the "no street address" excuse for providing the post office box address on the CTR would be acceptable.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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