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#1800 - 05/15/01 05:11 PM CTR less than $10,000?
KLT Offline
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Joined: Jun 2002
Posts: 0
I remember seeing a thread (think it was here) in which someone questioned if CTR's could be filed on transactions under $10,000.01. The replies all indicated that this was not acceptable, but I can't remember the exact reasoning. This issue has come up where I work but I can't find that information anywhere. I would appreciate any information. Thank you!

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General Discussion
#1801 - 05/15/01 06:00 PM Re: CTR less than $10,000?
Anonymous
Unregistered

Look at 31 CFR 103.22 or at the instructions on the back of the CTR (Form 4789). Both mention reporting "a transaction in currency of MORE THAN $10,000" (emphasis added). Any amount less than $10,000.01 does not meet that dollar limitation. Hope this helps.

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#1802 - 05/15/01 07:24 PM Re: CTR less than $10,000?
A D Virr Offline
Gold Star
Joined: Oct 2000
Posts: 398
Derry, NH
KLT; Another issue to be concerned with is that if you file for less than $10,000.01, you may have some civil liability. There is no safe harbor for filing outside the requirements of BSA

This opinion is my own and is free.

_________________________
Allan D. Virr, CRCM,CRP
Compliance Audit Solutions, LLC

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#1803 - 05/16/01 01:32 AM Re: CTR less than $10,000?
Lucy Griffin Offline

Diamond Poster
Lucy Griffin
Joined: Nov 2000
Posts: 1,544
When FinCEN revised the CTR process and exemptions, it made clear that it didn't want extra CTRs. The goal was to reduce the number of filings. The law enforcement types are really only interested in the higher amounts. However, you could have a situation, such as structuring, that calls for filing a Suspicious Activity Report. In fact, FinCEN has made clear that for $9,999 cash transactions, they want the SAR but not the CTR.

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#1804 - 05/16/01 02:41 PM Re: CTR less than $10,000?
KLT Offline
New Poster
Joined: Jun 2002
Posts: 0
Thanks everyone -- I really appreciate your comments. We really don't believe that this is a suspicious situation as we're very familiar with the client and know where he got the money (cash deposits of over $5000 on two consecutive days -- not the same business day). Our operations department wants us to file a CTR, but it doesn't seem applicable because the individual amounts don't meet the reporting requirement and the deposits were on two different days.
Thanks again!

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#1805 - 05/19/01 11:44 AM Re: CTR less than $10,000?
Richard Insley Offline
Power Poster
Richard Insley
Joined: Oct 2000
Posts: 9,996
Toano, VA
Sorry to jump into this discussion late, but the most important reason not to file CTRs for less than $10,000 is that it's illegal. The Right to Financial Privacy Act forbids disclosure of consumer information to federal agencies unless that disclosure is required by law (such as a properly-filed SAR or CTR) or by a judge.
_________________________
...gone fishing.

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