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This document serves as a report required from financial institutions to track and document currency transactions that may have legal or regulatory significance, particularly relating to money laundering

How to fill out currency transaction report

How to fill out Currency Transaction Report

1. Obtain the Currency Transaction Report (CTR) form from the regulatory agency or your financial institution.
2. Fill in the name, address, and tax identification number of the financial institution.
3. Provide the date and time of the transaction.
4. List the type of transaction (e.g., cash deposit, withdrawal, exchange).
5. Include the amount of currency involved in the transaction.
6. Provide the names and addresses of all individuals involved in the transaction.
7. Specify the identification methods used for each individual (e.g., driver's license, passport).
8. Sign and date the report to certify accuracy.
9. Submit the CTR to the appropriate regulatory authority within the required timeframe.

Who needs Currency Transaction Report?

1. Financial institutions including banks, credit unions, and money services businesses are required to file Currency Transaction Reports when transactions exceed a certain amount.
2. Businesses that deal with large cash transactions may also need to file a CTR.

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) to report any transactions involving more than $10,000 in currency.

Who is required to file Currency Transaction Report?

Financial institutions, including banks, credit unions, and other businesses that handle cash transactions, are required to file a Currency Transaction Report for cash transactions exceeding $10,000.

How to fill out Currency Transaction Report?

To fill out a Currency Transaction Report, institutions must include details such as the names and addresses of the parties involved, the date and amount of the transaction, and the type of transaction conducted, typically using the prescribed FinCEN form.

What is the purpose of Currency Transaction Report?

The purpose of the Currency Transaction Report is to help detect and prevent money laundering, terrorist financing, and other financial crimes by tracking large cash transactions that could indicate suspicious activity.

What information must be reported on Currency Transaction Report?

The Currency Transaction Report must include information such as the names and addresses of the individuals or entities involved in the transaction, the date of the transaction, the amount of currency involved, and the type of transaction.