Currency Transaction Report
A Currency Transaction Report (CTR) is a document that Financial Institutions in the United States are required to file with the Financial Crimes Enforcement Network (FinCEN) for cash transactions exceeding $10,000 in a single day. This report is designed to help detect and prevent Money Laundering and other financial crimes.
CTR requirements apply to banks, Credit unions, and other Financial Institutions, which must report not only the cash transactions of customers but also transactions that involve multiple smaller amounts that total more than $10,000.
Examples:
- A customer deposits $12,000 in cash into their bank account in one day.
- A business withdraws $15,000 in cash from its account for operational purposes.
- A series of transactions by a single individual involving $5,000, $6,000, and $4,000 in cash on the same day.
Cases:
- Case 1: A bank detects a customer making multiple cash deposits that are just below the $10,000 threshold over a few days and files a Suspicious Activity Report (SAR) in conjunction with a CTR.
- Case 2: A casino reports a cash transaction over $10,000 when a patron cashes out winnings that total $20,000 in one day.
- Case 3: A local shop files a CTR when they receive a cash payment of $11,000 from a customer for a large purchase.