CTR Backfiling

Posted By: PrimeTime

CTR Backfiling - 11/13/15 04:32 PM

I recently had to submit my first FinCEN Directed CTR Backfiling. On the instructions for Backfiling and Amending Currency Transaction Reports issued October 27, 2014, the guidance states:

"After the financial institution has filed the FinCEN CTRs, it must send a letter confirming that the reports have been backfiled and/or amended. The letter should be addressed to FinCEN with copies sent to those federal and state agencies that examine the financial institution's Bank Secrecy Act/Anti-Money Laundering Compliance Program"

Unfortunately for me, I became the BSA Officer after the most recent FDIC examination of by institution. As a result, I do not have contact information for our examiner directly, so I reached out to our regional FDIC office in order to obtain an email or physical address to send a copy of this explanation.

The individual I spoke with at the FDIC stated that they did not have anywhere for me to send a copy of this letter, that I did not have to send it to their office, and further provided me with a Currency Transaction Report Backfiling or Amendment Checklist dated May 2012.

Am I way off, or is something wrong here? I'm assuming I can just document the email correspondence with the FDIC individual I spoke with in order to cover myself in a future examination, however the fact that the Division of Banks from the state examination level was able to provide me with a contact office to send the letter tells me that I should truly be sending it to the FDIC as well.
Posted By: John Burnett

Re: CTR Backfiling - 11/13/15 10:06 PM

I'd send the letter to the regional office of the FDIC notwithstanding your conversation, just as a CYA move.
Posted By: PrimeTime

Re: CTR Backfiling - 11/14/15 01:10 AM

Thanks John, I was thinking something along those lines; they'd probably view the documentation of the emails and correspondence as a reason to criticize anything & everything during the next examination, and possibly put me on their "bad side" for providing evidence of an oversight on their part.
Posted By: Elwood P. Dowd

Re: CTR Backfiling - 11/14/15 01:12 PM

To the Regional Office, alternatively to the to the EIC of your last exam. It's likely to be a source of puzzlement to any recipient. To my knowledge, the October 27, 2014 instructions are not public; they were sent to you after you called FinCEN, correct? As there is no published direction regarding backfiling, even in the Exam Manual, I assume the regulators learn about changes to process on a piecemeal basis just as the rest of us do.

Your regulator would have found out about the backfiling determination as a prelude to your next on site examination in the natural course of events; i.e. you would have disclosed it in response to their standard request for FinCEN correspondence. (See Appendix H to the Exam Manual.) As John suggests, this "notice" is perfunctory, rendered only to say you complied with FinCEN's instructions.
Posted By: Gioia

Re: CTR Backfiling - 11/16/15 03:37 PM

I had the same thing happen. Called my regional office, called the 1-800 number, left a message for a case worker I have contact info for... Apparently no one there is familiar with this requirement. Finally, I just faxed it to the main fax number for the regional office. It doesn't seem like they actually want a copy of the letter, and I really only want proof that I at least tried.