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A financial institution and any “nonfinancial trade or business” must file a report concerning a transaction (or series of related transactions) in excess of $10,000 in currency. FinCEN regulation 31 CFR 1010.310 requires that financial institutions file currency transaction reports (CTRs).

A financial institution and any “nonfinancial trade or business” must file a report concerning a transaction (or series of related transactions) in excess of $10,000 in currency.

FinCEN regulation 31 CFR 1010.310 requires that financial institutions file currency transaction reports (CTRs).

A currency transaction report (CTR) is a report that U.S. financial institutions are required to file with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000.

Specifically, the regulations implementing the BSA require financial institutions to, among other things, keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax ...

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.

A CTR is a form used by banks or other financial institutions for any transaction greater than $10,000. The use of this form is mandatory in most cases whether the bank customer is withdrawing or depositing the funds. These CTRs are forwarded to federal regulators in their effort to combat money laundering.

This means that even though CTRs increase the likelihood that you will be audited, having one on your file doesn't necessarily guarantee that the IRS will come knocking. However, in response the IRS said it would put '''more effort'' into using CTRs to catch tax evaders.

A currency transaction report, or CTR, is a mandatory report that must be filed for currency transactions that exceed $10,000, as part of the bank's anti-money laundering requirements.

The Money Laundering Suppression Act of 1994 established a two-phase exemption criteria. Under Phase 1, transactions conducted by banks, government departments or agencies, and listed public companies and their subsidiaries are exempt from CTR reporting.

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

The Currency and Foreign Transactions Reporting Act of 1970, its amendments, and the other statutes relating to the subject matter of that Act, have come to be referred to as the Bank Secrecy Act (BSA).

A completed CTR must be electronically filed with FinCEN within 15 calendar days after the date of the transaction.

A completed CTR must be electronically filed with FinCEN within 15 calendar days after the date of the transaction.

Filing Obligations 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.