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#1110465 - 01/14/09 01:24 PM Currency Exchange & CTR
Jo Offline
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When completing a CTR for a customer bringing cash in over $10,000.00 including a transaction where he changes currency, i.e. large bills for small (exact amount):

I'm a little confused by the "guidance" on the FinCen website. It says to list the amounts separately and to check off box 33, however; since it is not foreign currency exchange, where are we supposed to list it separately? (we've been including the cash in amount with box 26 (cash in) and the cash out amount with box 27 (cash out). Is this correct or should we be doing something differently.
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#1110530 - 01/14/09 02:32 PM Re: Currency Exchange & CTR Jo
John Burnett Offline
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By "separately," the guidance means you should consider the cash in part of the currency exchange separately from the cash out (you don't net or combine the amounts), and report both the amount in and the amount out if both are in excess of $10,000 (if you received $9,000 cash and $2,000 in check form and paid out a total of $11,000, you would not list the "cash in" side of the exchange, and you would check both box 32 and box 33, along with box 35 if the check is drawn on your bank).
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#1110544 - 01/14/09 02:44 PM Re: Currency Exchange & CTR John Burnett
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So if we had a customer who had aggregate transactions of cash in of $10,261.00 and exchanged $702.00 in various currency, then in box 26 we'd put $10,963.00 and box 27 $702.00 and mark boxes 33, 34 & 35?
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#1110548 - 01/14/09 02:45 PM Re: Currency Exchange & CTR John Burnett
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I should add that you should aggregate the cash in side of the currency exchange with other identified cash ins on behalf of (or by) the same person that day, and combine the cash out portion with any other cash outs on behalf of or by the same person, before determining whether you will report amounts in item 26 and/or 27.

But I suspect that you had that part of the instructions under control already.
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#1110549 - 01/14/09 02:47 PM Re: Currency Exchange & CTR Jo
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Box 27 would be blank, since the out total is not reportable since it is not over $10,000.
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#1110561 - 01/14/09 02:58 PM Re: Currency Exchange & CTR Big Dog
John Burnett Offline
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Originally Posted By: big-dog
Box 27 would be blank, since the out total is not reportable since it is not over $10,000.


Correct, box 27 would be blank. You never enter an amount less than $10001 in box 26 or box 27. In this case, you ignore the cash out side of the currency exchange.
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