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This document is used by financial institutions to report currency transactions exceeding $10,000, as required under the Bank Secrecy Act. It captures details about the transaction, the individuals

How to fill out currency transaction report

How to fill out Currency Transaction Report

1. Obtain the Currency Transaction Report (CTR) form, which can be found on the official agency website or through your compliance department.
2. Fill in the date of the transaction at the top of the form.
3. Provide the name, address, and taxpayer identification number of the individual or organization conducting the transaction.
4. Specify the type of transaction (e.g., cash deposit, cash withdrawal) and the amount involved.
5. Include information about any co-participants in the transaction, such as names and addresses.
6. Complete sections related to the financial institution reporting the transaction, including institution name and address.
7. Review the report for accuracy and ensure that all information is complete and corresponds to the transaction.
8. Sign and date the report where indicated.
9. Submit the CTR to the appropriate regulatory agency, usually the Financial Crimes Enforcement Network (FinCEN), within the required timeframe.

Who needs Currency Transaction Report?

1. Currency Transaction Reports are required by financial institutions and certain businesses that engage in cash transactions over a specified dollar amount, typically $10,000 or more, to comply with federal regulations aimed at preventing money laundering and other financial crimes.

People Also Ask about

Who receives SARs and CTRs?

Currency Transaction Records (CTR) and Suspicious Activity Reports (SAR) are financial reporting forms that track activity in the financial system for the purposes of criminal investigation and enforcement. The Internal Revenue Service (IRS) has access to such resources for Title 26 civil income tax purposes.

What is an example of a currency transaction report?

Example 1: 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 follows: Cash In $11,000 and no entry for Cash Out. This is because the $3,000 transaction does not meet the reporting threshold.

Who must file a CTR?

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).

What constitutes a SAR?

A SAR is a Suspicious Activity Report, a piece of information which alerts law enforcement that certain client/customer activity is in some way suspicious and might indicate money laundering or terrorist financing.

What is the difference between suspicious activity report and suspicious transaction report?

In simple terms: SARs focus on unusual behaviour, while STRs are all about suspicious transactions.

Can you file a CTR without a social security number?

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.

For pdfFiller’s FAQs

What is Currency Transaction Report?

A Currency Transaction Report (CTR) is a report that financial institutions must file with the Financial Crimes Enforcement Network (FinCEN) when they engage in transactions that involve cash amounts of more than $10,000 in a single day.

Who is required to file Currency Transaction Report?

All financial institutions, including banks, credit unions, and money services businesses, are required to file a Currency Transaction Report for transactions exceeding $10,000 in cash.

How to fill out Currency Transaction Report?

To fill out a Currency Transaction Report, a financial institution must provide information such as the date of the transaction, the names and addresses of all parties involved, the transaction amount, and the type of transaction being conducted.

What is the purpose of Currency Transaction Report?

The purpose of the Currency Transaction Report is to assist in the detection and prevention of money laundering, tax evasion, and other financial crimes by tracking large cash transactions.

What information must be reported on Currency Transaction Report?

The information that must be reported on a Currency Transaction Report includes the name, address, and identification number of the individual or entity involved, the amount of cash received or dispensed, the date and location of the transaction, and the type of transaction.