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Question & Answer

Question: Our customer, who is well known to us, came in today and cashed two checks, each for $5,000. Do we have to fill out a Currency Transaction Form 4789?

Answer: We are required to report any transaction over $10,000. This transaction being just $10,000 is not reportable?unless it is a "suspicious" transaction, in which case you'll need to file a Criminal Referral Form. In our conversation you mentioned the transaction was "unusual", but in your opinion was not "suspicious." This is one area where your opinion counts. Your knowledge of your customer makes the difference.

Copyright © 1993 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 3, No. 11, 4/93

First published on 04/01/1993

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