Mohamed Aziz

Understanding CTR Exemptions and their Practicality

By Mohamed Aziz | September 26, 2019

Financial Institutions (FI) file Currency Transaction Reports (CTRs) which enable law enforcement to monitor and investigate potentially suspicious activity. CTRs act as a paper trail for cash transactions, and are filled out by bank personnel for each deposit, withdrawal, currency exchange or other payment or transfer greater than $10,000 in currency. In turn, the Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Treasury, reviews and correlates the customer and transaction data, and maintains…

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Overcoming common challenges when updating risk assessment

By Mohamed Aziz | July 12, 2019

An Enterprise Wide Risk Assessment (“EWRA”) enables Financial Institutions (“FI”) to assess their BSA / AML risk profile, incorporate appropriate risk management processes, and maintain adequate controls to mitigate risk. Moreover, the Federal Financial Institutions Examination Council (“FFIEC”) requires all FIs to maintain an EWRA. Management is responsible for communicating the EWRA to the Board of Directors. The Board, in turn, is required to ensure that the FI has adequate resources both human and technological…

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Despite the valuable insight CTRs provide law enforcement, the process for the exemption criteria is quite burdensome. Here's how to understand CTR exemptions and their practicality:

About 15 hours ago from AML RightSource's Twitter via HubSpot