|Solution helps automate CTR process|
To help financial services organizations comply with a recent announcement from the Financial Crime Enforcment Network requiring a format change to the electronic filing of currency transaction reports, Oracle Financial Services introduced Oracle Financial Services Currency Transaction Reporting and Oracle Financial Services Currency Transaction Reporting Analytics.
“The onus to comply with new FinCEN electronic CTR filing requirements by March 31, 2013 weighs on financial services organizations as they consider their options,” says S. Ramakrishnan, group vice-president and general manager, Oracle Financial Services Analytical Applications.
The new solution enables banks to consolidate and streamline cash transaction processing, and generate and file electronic CTR reports using a single, bank-wide platform. Banks also view all daily cash activities to help support compliance and improve reporting efficiency.
Using Oracle Financial Services Currency Transaction Reporting, banks can automatically consolidate the entire CTR process—from teller entry through automated aggregation and generation of CTRs, to logging of monetary instruments for record-keeping and managing exemptions, through generation and filing of required efile reports.
Together, Oracle Financial Services Currency Transaction Reporting and Oracle Financial Services Currency Transaction Reporting Analytics enable banks to actively assess cash activity, monitor CTR metrics, and productivity, as well as determine historical trends to prevent future compliance issues. The solutions also support quicker reporting for electronic and internal reporting across the enterprise.
[This article was posted on May 22, 2012, on the website of ABA Banking Journal, www.ababj.com.]
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