An officer of the bank approved an on-us check payable to joint payees to be cashed by one of the payees. The payees are non-customers. The other payee had already endorsed the check. The personal banker only obtained the necessary info to complete the CTR for the payee who presented the check to be cashed. We do not the info on the other payee (who was not present).

Q: Can we assume the only person who benefits from the funds is the payee who walked out of the bank with the cash?

If the first payee simply signed the check and did not endorse the check over to the second payee, I would not make that assumption. I would document both payees as benefitting from the transaction.

If the check was made out to two parties, I think you have to assume that both will benefit from the transaction.

The personal banker will have to call the second person and obtain the information you need to do your CTR.

That's everyone for the feedback....you confirmed my initial thought.