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#1697945 - 05/10/12 12:41 PM CTR & currency exchange question
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
If a business customer makes a $9,000 deposit and also brings in $1,500 in a "change order" is the transactions reportable. I say "yes" $10,500 cash was brought into the bank- deposits and currency exchange. There's a difference of opinion with others in the area. Some say "NO" CTR. The money would have to go into the customers account and it didn't.
Thanks for your help!

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BSA/AML/CIP/OFAC Forum
#1697951 - 05/10/12 01:00 PM Re: CTR & currency exchange question nemsi
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 4,349
New York City
You would be correct. Currency exchanges are aggregated as both cash ins and cash outs. In your case you would be filing a CTR for $10,500 cash in. Make sure to check off the currency exchange box as well.
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"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#1698077 - 05/10/12 03:01 PM Re: CTR & currency exchange question nemsi
MsFaye Offline
Junior Member
Joined: Oct 2011
Posts: 38
The Dakotas
Cash crossed over the counter - it's reportable.
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A smile is a curve that sets everything straight. - Phyllis Diller

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#1698141 - 05/10/12 03:50 PM Re: CTR & currency exchange question MsFaye
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
Thanks to both of you for your response.

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