What is a CTR?

What is a CTR?

• A. A report that the U.S. financial institutions are required to file 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 $10,000.00
• B. A report filed for currency transactions under $1,000
• C. A report of customer satisfaction
• D. A report of anti-money-laundering training attendance

Answer: (A)

A Currency Transaction Report is the report financial institutions file with FinCEN whenever a cash transaction exceeds $10,000. It covers deposits, withdrawals, currency exchanges, or other transfers involving cash, and can include related transactions within a 24-hour period. This reporting helps detect and deter money laundering and other financial crimes under the Bank Secrecy Act. The other options describe reporting for small cash amounts, customer satisfaction, or training attendance, which are not what a CTR is.

A Currency Transaction Report is the report financial institutions file with FinCEN whenever a cash transaction exceeds $10,000. It covers deposits, withdrawals, currency exchanges, or other transfers involving cash, and can include related transactions within a 24-hour period. This reporting helps detect and deter money laundering and other financial crimes under the Bank Secrecy Act. The other options describe reporting for small cash amounts, customer satisfaction, or training attendance, which are not what a CTR is.