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#2038547 - 09/15/15 04:06 PM Currency Exchange CTR
banker1976 Offline
Gold Star
Joined: Nov 2005
Posts: 342
Customer has had $20,000 in twenties stored in their safe deposit box for several years. They came in to exchange the $20,000 in twenties for $20,000 in fifties, and the currency went back into the safe deposit box.

To our knowledge, we have not had this type of currency exchange before where the money is exchanged in this manner and remains in the box. We assume this would still require a currency exchange CTR to be completed? Any thoughts from other bankers who may have experienced a similar situation?

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#2038553 - 09/15/15 04:23 PM Re: Currency Exchange CTR banker1976
Always In Training Offline
Diamond Poster
Joined: Jul 2006
Posts: 1,108
Where the Green Grass Grows
Well, yes. Yes, we've done a filing for something similar. This is a currency exchange -- but you shouldn't know the contents of a SDB. I know, it can be pretty easy to tell that the customer came in to the lobby, with nothing, then hit the tellerline with cash, then went back into the SDB area and then left the bank with nothing.

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#2038589 - 09/15/15 06:26 PM Re: Currency Exchange CTR banker1976
kw004h Offline
100 Club
Joined: Nov 2009
Posts: 219
Chicagoland, IL
Yes - file your CTR for the currency exchange. The CTR should reflect your $20,000 cash in box 25e , and your $20,000 cash out in 27e.

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#2038948 - 09/16/15 08:20 PM Re: Currency Exchange CTR banker1976
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,336
Cape Cod
And no account number will be included.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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