Scenario:
A customer requests to purchase foreign currency (euros equivalent of $8,200.00).
The teller processes the withdrawal from the customer’s account and credits the branch suspense G/L for $8,200.00 for the foreign currency exchange order (purchase of Euros). The customer presents an additional withdrawal ticket in the amount of $3,500.00. The customer leaves the branch with the $3,500.00 in cash. The system generated a CTR for the cash-out transactions in the amount of $11,700.00.
On the next business day, the branch receives the Euros via Fed Ex; however, the customer decides to refuse the foreign currency ordered and requests the $8,200.00 to be deposited back into her account.
As a result, the branch debits the G/L (originally credited for the foreign currency purchase) for the $8,200.00. The customer presents a withdrawal ticket in the amount of $3,000.00 from her account. The customer leaves the branch with the $3,000.00 in cash. The system generated a CTR for the cash-out transactions in the amount of $11,200.00.
Although the customer did not walk-out with more than $10k, the system/paper trail recognizes the transactions processed as the customer conducting/benefiting more than $10k. Should the CTRs be marked as Non-Reportable?
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Last edited by BSAsport; 07/21/15 07:59 PM.