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#2056725 - 01/05/16 03:43 PM CTR Question
BostonBanker Offline
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Joined: Jan 2016
Posts: 10
This is a situation that took place last week. "John", owner of "ABC, inc", called in saying that he was sending in his son "Jake" to get $10,000 for him out of the business account. I know we would have to do a CTR on Jake since we put the money in his hands, but who else do we do the CTR on? Do we need to add John since the money is probably going to him and do we add the business since it came out of that account and would most likely be used to buy something business-related (but we don't know for sure)?

Also, does it ever hurt to add more people on the CTR if the tellers aren't sure and fix it later before it goes to FINCEN? I'd usually say less is more, but when it comes to compliance, I've come to learn the opposite of that is usually true. 😀

Thank you in advance for your responses, this is my first post!

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#2056739 - 01/05/16 04:18 PM Re: CTR Question BostonBanker
PrimeTime Offline
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Posts: 173
I recently called FinCEN regarding something extremely similar, and they stated to me that all withdrawals from a business account are to be considered for the benefit of the business unless explicitly stated otherwise. Going off that guidance (which I'd certainly advise you to call independently as well to ensure that you're getting the guidance straight from FinCEN for documentary purposes), Jake would be your conductor, and ABC Inc would be your beneficiary, as there was nothing noted in your post regarding the necessity for the funds, so you are to assume it's for the benefit of the business.

A little confused by the second part...in what context would you be adding more people to the CTR if the tellers aren't sure?
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#2056745 - 01/05/16 04:41 PM Re: CTR Question BostonBanker
Elwood P. Dowd Offline
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Joined: Aug 2001
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Next to Harvey
If it was only $10,000 and no other cash transactions were by or on behalf of Jake or ABC Inc, report nothing. If the amount exceeded $10,000, as suggested:

For Jake, check 2(b)

For ABC Inc., check 2(c)

As noted in several prior threads you can guess . FinCEN has never published anything that said you assume it's on behalf of the business. However, if that's what they tell you too and you write it down, you're golden.
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#2056763 - 01/05/16 05:29 PM Re: CTR Question PrimeTime
BostonBanker Offline
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Joined: Jan 2016
Posts: 10
For the second part, I was just saying it couldn't hurt to collect all the information at the time of the transaction on the business, Jake and John (only when) the teller isn't certain on who to add. I thought it would be easier to collect all the info then, and if it's not necessary, delete it later. It seems much easier to collect that info while the customer is present than gather it after the customer (or whoever the customer sent) has left with the money. Thanks for your response!

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