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The Figures Are In
The Department of the Treasury has published the figures for the filing of Currency Transaction Reports (CTR) for 1991. They make interesting reading.
In 1990 the casinos in New Jersey, Puerto Rico and Nevada filed 59,200 CTRs. In 1991 they filed 63,700.
In 1990 retail businesses filed 29,000 copies of form 8300, with a value of $680 million. In 1991 they filed 56,000 with a value in excess of $1 billion.
The big numbers? The financial institutions. In 1990 they filed 7,014,000 CTRs, reporting cash transactions of $315 billion. In 1991 they filed 7,220,000 with a total value of $495 billion.
Detroit now enters CTRs onto the data base within an average of 29 days of receipt, according to Treasury.
As of October, 1991, 152 financial institutions had converted to magnetic filing, averaging 140,000 per month. These filings represent approximately 20 percent of all CTRs being filed. They are also more quickly processed, and are ready for on-line access within an average of 15 days of receipt.
To date, Treasury says there are over 38 million of the Currency Transaction Forms, dating back ten years, that are immediately retrievable through the computer bases in Detroit, Newington, and at FinCEN in Washington D.C.
Copyright © 1992 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 12, 3/92
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