When must a CTR be filed?

When must a CTR be filed?

• A. When any type of transaction involves more than $10,000.00 in currency
• B. When a transaction involves non-currency assets
• C. Only at annual audits
• D. When the customer asks for a receipt

Answer: (A)

Large cash activity triggers the reporting requirement. A Currency Transaction Report must be filed whenever a financial institution receives more than $10,000 in currency from a single customer in one business day, including related transactions that, together, total more than $10,000. This focuses on cash, not non-currency assets like checks or electronic transfers, and it isn’t tied to audits or receipts—the threshold in cash amounts on a given day is what drives the filing. If cash is split across multiple transactions to stay under the threshold, that could still require reporting if the total for the day exceeds $10,000.

Large cash activity triggers the reporting requirement. A Currency Transaction Report must be filed whenever a financial institution receives more than $10,000 in currency from a single customer in one business day, including related transactions that, together, total more than $10,000. This focuses on cash, not non-currency assets like checks or electronic transfers, and it isn’t tied to audits or receipts—the threshold in cash amounts on a given day is what drives the filing. If cash is split across multiple transactions to stay under the threshold, that could still require reporting if the total for the day exceeds $10,000.