BSA Reporting
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You can generate Currency Transaction Reports (CTR) automatically using Portico. Required by the Bank Secrecy Act, Currency Transaction Reports (CTRs) must be generated for any individual person or a business entity that benefits from a cash deposit or withdrawal of greater than $10,000 over the course of a business day (24-hour period).
Portico’s CTR feature helps you:
- Replace the manual analysis of transactions and source documents.
- Perform the aggregation of multiple transactions across multiple accounts and locations.
- Aggregate based on individual (taxpayer ID) rather than at a member number level.
- Capture the individuals who also benefit from a transaction because they are associated with the account (even if they did not perform the transaction).
- Collect information about individual(s) performing transactions that generate a CTR while the person is in the teller line (instead of trying to derive it after the fact).
- Quickly produce CTR forms.
You also have the option to batch eFile your CTR forms. Portico can produce an extract file formatted according to BSA requirements containing the data from the CTR forms that are approved for filing. Once the extract file is created, you can download the extract file to your desktop and submit it for filing.
Portico's CTR processing gathers information to assist you with deciding whether a CTR should be created; however, it is not a complete Anti-Money Laundering (AML) Solution.
When you activate Portico’s CTR feature, Portico will save all cash-in and cash-out totals from posted transactions (involving an individual) for each business day. The following transaction types can be cash transactions in Portico and will be stored:
- Over-the-counter cash transactions that are processed in the teller line during the operating hours of the credit union. These transactions will be captured online, real-time.
- Unsolicited cash self service transactions (such as Shared Service Center Issuer transactions or ATM transactions) will be captured real-time, although these transactions may occur after the credit union is closed.
How does it work?
- For every over-the-counter transaction that could involve cash, Portico records CTR cash in/cash out totals.
- Portico interprets the data and aggregates based on a credit union-defined CTR threshold, that cannot be higher than 10,000.00, but can be lower, and the individual’s taxpayer ID.
- If the CTR threshold has been exceeded, Portico will display a CTR Transactions Performed By dialog box to let the teller collect any missing demographic data for the person present at the teller line.
- Portico will aggregate the appropriate transactions and display the information in a CTR Queue.
- From the CTR Queue, your CTR Administrator can access the information and review the transactions that make up the CTR. On the following business day, the CTR Administrator can modify the CTR.
The following security groups and permissions support BSA Reporting.
| Permissions | Security Groups |
|---|---|
| BSAReporting - Actions - Batch Maintenance - Maintain | CTR - Administrator |
| BSAReporting - Actions - Batch Maintenance - Menu Option | CTR - Administrator |
| BSAReporting - Actions - Batch Maintenance - View | CTR - Administrator |
| BSAReporting - Actions - Currency Transactions - Maintain Required for all tellers to access the CTR Transactions Performed by dialog box |
CTR - Administrator CTR - User CTR -Teller Actions |
| BSAReporting - Actions - Currency Transactions - Menu Option |
CTR - Administrator CTR - User |
| BSAReporting - Actions - Currency Transactions - View |
CTR - Administrator CTR - User |
| BSAReporting - Actions - Menu Option |
CTR - Administrator CTR - User |
| BSAReporting - Actions - Queue - Draft CTR - Approve |
CTR - Administrator CTR - User |
| BSAReporting - Actions - Queue - Draft CTR - File |
CTR - Administrator CTR - User |
| BSAReporting - Actions - Queue - Draft CTR - Maintain |
CTR - Administrator CTR - User |
| BSAReporting - Actions - Queue - Draft CTR - View |
CTR - Administrator CTR - User |
| BSAReporting - Actions - Queue - Menu Option |
CTR - Administrator CTR - User |
| BSAReporting - Actions - Queue - View All |
CTR - Administrator CTR - User |
| BSAReporting - Explorer Administration - Menu Option Determines if BSA Reporting menu with Administration option appears on explorer bar |
CTR - Administrator |
| BSAReporting - Explorer CTR Processing - Menu Option Determines if BSA Reporting menu with CTR Processing option appears on explorer bar |
CTR - Administrator CTR - User |
| BSAReporting - Explorer Menu Option Does not determine if BSA Reporting menu appears on explorer bar |
CTR - Administrator CTR - User |
| BSAReporting - History - Menu Option |
CTR - Administrator CTR - User |
| BSAReporting - History - View |
CTR - Administrator CTR - User |
| BSAReporting – Maintenance – CTR Institutions | CTR - Administrator |
| BSAReporting – Maintenance – CTR Institutions - Maintain | CTR - Administrator |
| BSAReporting – Maintenance – CTR Institutions – View Only | CTR - Administrator |
| BSAReporting – Maintenance – CTR Options | CTR - Administrator |
| BSAReporting – Maintenance – CTR Options - Maintain | CTR - Administrator |
| BSAReporting – Maintenance – CTR Options - View Only | CTR - Administrator |
| BSAReporting – Maintenance – CTR Relationships - Maintain | CTR - Administrator |
| BSAReporting – Maintenance – CTR Relationships - Menu Option | CTR - Administrator |
| BSAReporting – Maintenance – CTR Relationships - View Only | CTR - Administrator |
| BSAReporting – Maintenance – CTR Report Setup - Maintain | CTR - Administrator |
| BSAReporting – Maintenance – CTR Report Setup - Menu Option | CTR - Administrator |
| BSAReporting – Maintenance – CTR Report Setup - View Only | CTR - Administrator |
| BSAReporting – Maintenance – Menu Option | CTR - Administrator |
| BSAReporting – Reports – Menu Option | CTR - Administrator |