Outline Currency Notice For Free

The requirement that financial institutions verify and record the identity of each cash purchaser of money orders and bank, cashier's, and traveler's checks in excess of $3,000.

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Detecting and Preventing Structuring and Smurfing Structuring and smurfing red flags may include: An individual making multiple deposits over a series of days ? with the deposits being just under $10,000 threshold (or equivalent). The total amount deposited in small daily transactions exceeds the maximum allowed.

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.

Transaction examples that necessitate a CTR A person deposits $11,000 in currency to his savings account and withdraws $3,000 in currency from his checking account. The CTR should be completed as ? cash In $11,000 and no entry for Cash Out. This is because the $3,000 transaction does not meet the reporting threshold.

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.