Reporting Cash Conversion on CTR

Question: How do you properly report when a customer brings in $20,000 in small bills and wants them converted to large bills? I always thought we should complete a CTR showing cash in $20,000 and cash out $20,000 with box 33 checked to indicate a currency exchange. While doing some research for training purposes today, I found a statement that says that you should only check box 33 when US dollars are being exchanged for foreign currency, and that whenever box 33 is checked, box 29 should also be checked to indicate the type of foreign currency involved in the exchange. Is the transaction not reportable or do we mark $20,000 cash in and $20,000 cash out without checking any of the other boxes on Part II of the CTR?

Answer: You were right at the end of your question. For the $20,000 exchange, small for large bills: Box 26 - Cash In - $20,000; Box 27 - Cash out - $20,000. No Box 33.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 8, 10/04