FinCEN Ruling Clarifies Currency Transaction Report (CTR) Filing Obligations of Financial Institutions

On Feb. 10, 2020, the U.S. Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) published administrative ruling FIN-2020-R001, to clarify requirements of financial institutions reporting on currency transactions involving sole proprietorships and legal entities operating under a “doing business as” (DBA) name (“FinCEN Ruling”). The FinCEN Ruling, which becomes effective April 6, 2020 (Sept. 1, 2020, for BSA E-Filing batch filers), replaces and rescinds two previous FinCEN rulings: FIN-2006-R003 and FIN-2008-R001, which were based on the now obsolete FinCEN Form 104. The FinCEN Ruling addresses reporting obligations when filing using the current CTR FinCEN Form 112.

Read the full GT Alert, “FinCEN Ruling Clarifies Currency Transaction Report (CTR) Filing Obligations of Financial Institutions.”