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Filing CTRs on Joint Accounts
Answer by John Burnett, BOL Guru
Guru Bios
Question: Is the following statement correct? If $12,000 in cash is deposited to a joint account, the multi-person form must be completed for each joint owner because all joint owners have benefit of the funds. If $12,000 in cash is withdrawn from a joint account, the multi-person form is not completed for each joint owner because only the person withdrawing the funds has benefit of them.
Answer: That is essentially correct, assuming that you have no information to the contrary. For example, if the individual making a withdrawal from the joint account tells the teller that she and her joint account owner are finally buying a house and the cash will be used at the closing I think you have information that the other joint owner will benefit from the withdrawal and you would report accordingly.
First published on BankersOnline.com 11/20/06
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