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#1390485 - 05/13/10 04:33 PM CTRs for business accounts
Anonymous
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If a business or consumer is conducting a cash deposit or W/D over the 10k threshold do we need the information on all signers or just the information on the conductor and who is benefitting from the transaction?

i.e. business deposit over 10k in cash,

info on conductor
info on the business as the business is benefitting? Do we need the info on all other signers?

i.e. consumer conducting cash deposit on a joint account,joint owner not present

Do we need info on the conductor and joint owner

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#1390861 - 05/13/10 09:24 PM Re: CTRs for business accounts Anonymous
Anonymous
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Bump

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#1390927 - 05/13/10 11:27 PM Re: CTRs for business accounts Anonymous
GuitarDude Offline
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GuitarDude
Joined: Nov 2004
Posts: 5,924
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For deposits, you need info on who is benefitting which would be the actual customer(s) who own the account. This would be the business for a business account and all owners of a joint account. You do not include the signers of a business account on the CTR.

The conductor may not be benefitting from the transaction, especially on a business deposit, but you still need that conductor info for that section of the CTR.

For withdrawals, the beneficiary is usually the person conducting the transaction, but you may want to ask in certain situations.
_________________________
I've just writed a wrong.

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#1391202 - 05/14/10 04:01 PM Re: CTRs for business accounts GuitarDude
Anonymous
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Thank you

Just to be sure i understand

For deposits on bus accounts:

Conductor info
Beneficiary is business, so business info not signer's info.

For W/D on bus accounts:

Conductor info
Beneficiary could be conductor or the business(something purchased for the business) or another individual or another business, correct?

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#1391535 - 05/14/10 08:09 PM Re: CTRs for business accounts Anonymous
nemsi Offline
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Joined: Nov 2005
Posts: 383
I'll answer what i think you're asking. For a CTR on deposits made to a business account, only report the business info in section A. The required info on the individual or individuals conducting the transaction would go in section B.
A w/d or check cashed on behalf of business- cash withdrawals for payroll, etc.- complete section A and B exactly the same as you did for a deposit. If the business issues a check to an individual and that check is cashed the payee's info would go in section A and the business info would not be included on the CTR (except for the account #)I hope this helps.

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