Oracle Financial Services Currency Transaction Reporting

The Financial Crime Enforcement Network (FinCEN) requires banks to leverage electronic filing for currency transaction reporting (CTR). As compliance regulations evolve, the onus is set on the banks to implement these changes within the timeline given and poses an issue: update internally developed systems to accommodate the changes or rely on a vendor to produce changes to systems in a timely manner to ensure proper testing is in place. Banks need to make the decision that will best allow them to maintain compliance with currency transaction reporting.

Oracle Financial Services Currency Transaction Reporting provides reports within a single, unified platform that allows banks to fully manage the Currency Transaction Reporting process including:

• Teller entry through automated aggregation and generation of Currency Transaction Reporting
• Logging of monetary instruments for record-keeping purposes
• Managing exemptions
• Providing the mechanism to generate the e-file and submit it

• Automate Currency Transaction Reporting processing with sophisticated aggregation and cash transaction monitoring
• Gain efficiencies through real-time interfaces to teller systems for threshold and exemption checks
• Manage end-to-end: automated processing, error resolution, exemption management, monetary instrument logs, QA processing, e-file generation
• Manage exemptions through proactive workflow and exemption reporting
• Leverage world class analytics for building ad-hoc and on-demand reports to evaluate Currency Transaction Reporting efficiencies, errors and resolution over time, exemptions, and monetary instruments

• Consolidated and streamlined cash transaction processing and reporting using a comprehensive, enterprise-wide platform
• Automatically and intelligently consolidated Currency Transaction Reporting process from teller to reporting
• Actively assessed cash activity, Currency Transaction Reporting metrics and productivity with ad-hoc analyses that comply with regulatory and internal reporting mandates within a single enterprise system