Multiple Business Accounts, Large Cash Deposits, and CTRs

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Multiple Business Accounts, Large Cash Deposits, and CTRs
Answer by: Richard Insley, BOL Guru
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Question: We have a customer who maintains 5 different accounts. Two of the accounts are for businesses which are each separately incorporated. Our customer and his wife are owners sole shareholders of the corporations. The other 3 accounts are for different DBA names. An employee of our customer makes a combination of cash deposits to the 5 accounts in one business day that exceeds $10,000.00. Are the deposits to the 2 incorporated businesses included in the total for CTR purposes? If so, how do we complete the CTR under Part I, Section A for the corporations? Do we list the customer's name on line 2 and the corporation's name on line 5 or only the corporation's name on line 2?

Answer: This was asked and answered in the Operations Forum here http://www.bankersonline.com/ubbthreads/showflat.php?Cat=&Board=operations&Number=36008&page=0&view=collapsed&sb=5&o=&fpart=1

First published on BankersOnline.com 11/04/02

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