![]() ![]() This sort of attempt is known as structuring, and is punishable by federal law against both the customer and the bank employee. For instance, if a customer reneges on their initial request to deposit or withdraw more than $10,000 in cash, and instead requests the same transaction for $9,999, the bank employee should deny such a request and continue the transaction as originally requested by filing a CTR. Once a customer presents or asks to withdraw more than $10,000 in currency, the decision to continue the transaction must continue as originally requested and may not be reduced to avoid the filing of a CTR. A customer may decline to continue the transaction upon being informed about the CTR, but this would require the bank employee to file a SAR. A customer is not directly told about the $10,000 threshold unless they initiate the inquiry. CTRs since 1996 include an optional checkbox at the top if the bank employee believes the transaction to be suspicious or fraudulent, commonly called a SAR, or Suspicious Activity Report. Tax and other information about the customer is usually pre-filled by the bank software. When a transaction involving more than $10,000 in cash is processed, most banks have a system that automatically creates a CTR electronically. ![]() The Bank Secrecy Act requires financial institutions to report currency transaction amounts of over $10,000. ![]() This was primarily due to the financial industry's concern about the right to financial privacy. When the first version of the CTR was introduced, the only way a suspicious transaction less than $10,000 was reported to the government was if a bank teller called law enforcement. notes, Federal Reserve notes, and official foreign bank notes. Used in this context, currency means the coin and/or paper money of any country that is designated as legal tender by the country of issuance. 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. Currency Transaction Report, March 2011 revisionĪ currency transaction report ( CTR) is a report that U.S. ![]()
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