Thread Options
#1107139 - 01/07/09 10:14 PM CTR Filing Question
Jani Gode Offline
New Poster
Joined: Jan 2009
Posts: 1
Here's the situation. Noncustomer comes in with an on-us check for $25,000. He requests $7500 in cash with the remainder payable by Cashiers Check. I did not file a CTR as the non-customer left with cash of $7500. My auditor is telling me a CTR should be filed based on the triggering event being the cashing of the check for $25,000, not that he only left with $7500.

Please give me some advice. I would never file on this situation, but perhaps I have been doing something wrong all these years... if you agree with me and could point me in the direction of some actual regulatory language I would be grateful.

Return to Top
BSA/AML/CIP/OFAC Forum
#1107150 - 01/07/09 10:20 PM Re: CTR Filing Question Jani Gode
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
I would not file: the customer walked out of the bank with $7,500 in cash and that is not a reportable transaction.

Return to Top
#1107152 - 01/07/09 10:21 PM Re: CTR Filing Question Jani Gode
Al Miller Offline
Diamond Poster
Al Miller
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
The auditor is wrong. The Cashier's Check was "negotiated", not cashed. You only report the cash. Suggest the auditor reread the instructions on the CTR.

Al
_________________________
Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.

Return to Top
#1107153 - 01/07/09 10:22 PM Re: CTR Filing Question Jani Gode
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I would not file a CTR. I would consider that only $7500 was cashed out and the remainder was swapped for negotiable instruments. Only $7500 went out the door.
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.

Return to Top
#1107257 - 01/08/09 04:30 AM Re: CTR Filing Question BrendaC
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,229
Galveston, TX
Have them read the instructions on the form:

Who Must File. Each financial institution (other than a casino, which instead must file FinCEN Form 103, and the U.S. Postal Service for which there are separate rules) must file FinCEN Form 104 (formerly 4789) (CTR) for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000. Multiple transactions must be treated as a single transaction if the financial institution has knowledge that (1) they are by or on behalf of the same person, and (2) For a bank, a business day is the day on which transactions are routinely posted to customers’ accounts, as normally communicated to depository customers. For all other financial institutions, a business day is a calendar day.

The ask the how this transaction resulted in either currency
received (Cash In) or currency disbursed (Cash Out) by the financial institution totaling more than $10,000.
during any one business day.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z