Posted By: WonderWoman
CTR for Loomis Cash Vault - 05/13/20 02:19 PM
Hey everyone! It's been a while since I've been on here & I need some thoughts.
When I was a BSA Officer - our bank contracted with Loomis. Loomis would go to our customer, pick up cash & then bring cash directly to their vault. Loomis would then send us the tickets to process. No cash ever came to our institution.
When we completed the CTR, we just checked the box that said Armored Car (FI Contract).
FinCEN just sent some weird instructions to a colleague & I can't make sense of it. Help?
You will treat this scenario as if the cash vault is another branch. Create a Part 3 for the off-site cash vault. Since it is not part of your institution, you can mark Other, type in the name of the Cash Vault, Mark IRS for Federal Regulator.
Has anyone ever heard this? & where is the instructions this is supposed to be completed this way?
When I was a BSA Officer - our bank contracted with Loomis. Loomis would go to our customer, pick up cash & then bring cash directly to their vault. Loomis would then send us the tickets to process. No cash ever came to our institution.
When we completed the CTR, we just checked the box that said Armored Car (FI Contract).
FinCEN just sent some weird instructions to a colleague & I can't make sense of it. Help?
You will treat this scenario as if the cash vault is another branch. Create a Part 3 for the off-site cash vault. Since it is not part of your institution, you can mark Other, type in the name of the Cash Vault, Mark IRS for Federal Regulator.
Has anyone ever heard this? & where is the instructions this is supposed to be completed this way?