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Identification Required A bank must verify and record the name and address of the individual presenting a transaction, as well as record the identity, account number, and Social Security or taxpayer identification number, if any, of any person or entity on whose behalf such a transaction is conducted.

A currency transaction report (CTR) is a bank form used in the U.S. to help prevent money laundering. This form must be filled out by a bank representative whenever a customer attempts a currency transaction of more than $10,000. It is part of the banking industry's anti-money laundering (AML) responsibilities.

Whenever a bank's customer initiates a transaction of more than $10,000, the institution's banking software will automatically generate a currency transaction report. Generally, the software will autofill the relevant customer data and tax information on the form.

Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).

A completed CTR must be electronically filed with FinCEN within 15 calendar days after the date of the transaction. 20 The bank must retain copies of CTRs for five years from the date of the report.

A completed CTR must be electronically filed with FinCEN within 15 calendar days after the date of the transaction. 20 The bank must retain copies of CTRs for five years from the date of the report.

Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).

Example 2: A person deposits $11,000 in currency to his savings account and withdraws $12,000 in currency from his checking account. The CTR should be completed as follows: Cash In $11,000, Cash Out $12,000. This is because there are two reportable transactions.

A bank must electronically file a Currency Transaction Report (CTR) for each transaction in currency1 (deposit, withdrawal, exchange of currency, or other payment or transfer) of more than $10,000 by, through, or to the bank.