Currency Transaction Report (CTR) Compliance

 In efforts to offer the easiest to use and most complete check cashing software, Secure Checks has created new utilities in conjunction with the California State Assembly Bill 139. This Bill requires check cashers to file new documents for any individual customers that cash checks valuing $10,000 or more in one business day or cumulatively throughout one fiscal year.

SCCS has taken several measures to offer a complete turn-key solution to effectively service all of our customers in states with such legislation. We have added an XML (eXtensible Markup Language) output and paper output using the existing CTR104 form (Currency Transaction Report). This new utility has been designed to support multiple forms and will receive the necessary updates to integrate with the state’s new form. This update is now available for any of our current subscribing customers. Currently there are two methods in which the state will accept information. SCCS will support both on-line and off-line methods.

Details on the law are available on the www.ftb.ca.org web site. If you have any further questions or concerns please contact our technical support staff at Secure Check Cashing Systems.

Furthermore, SCCS’ development staff in coordination with the Franchise Tax Bureau has identified a new method for faster and easier filing. Due to this discovery, the State of California is working directly SCCS to finalize this method. In accordance, the state is allowing all SCCS customers a waiver of their 2006 filing (http://www.ftb.ca.gov/forms/misc/3607.pdf).