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A currency transaction report (CTR) reports cash transactions exceeding $10,000 in one business day, regardless of whether it's in one transaction or several cash transactions. It is filed electronically with the Financial Crimes Enforcement Network (FinCEN) and is identified as FinCEN Form 112 (formerly Form 104). [7]
The Bank Secrecy Act requires financial institutions to report transactions over $10,000. Find out why making small deposits could be seen as suspicious. ... Reporting large cash deposits helps ...
Currency Transaction Report, March 2011 revision. A currency transaction report (CTR) is a report that U.S. 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 (e.g. bank notes or coins) valued at more than $10,000.
Structuring, also known as smurfing in banking jargon, is the practice of executing financial transactions such as making bank deposits in a specific pattern, calculated to avoid triggering financial institutions to file reports required by law, such as the United States' Bank Secrecy Act (BSA) and Internal Revenue Code section 6050I (relating to the requirement to file Form 8300).
Some people will try to avoid the federal cash-reporting rules by making smaller deposits that total $10,000 or more over a short period — say, a few days or weeks. ... “Large transactions ...
While there is “no general prohibition against handling large amounts of currency,” according to FinCEN, banks are still required to report all currency transactions (deposits, withdrawals ...