Two separate individuals come in on the same day and deposit $10,000 in each of their respective accounts. One of the individuals is Joint Owner on both (Mother/Son). The system did not pick up to report a CTR because obviously they are two different Socials. There are differing opinions on whether or not a CTR should be filed since the son is on both relationships and it is arguable that he is benefiting from both deposits but there are others that claim it is their separate money and we don't know really who is benefitting. Should we assume, because he is on both and a joint owner, that he is benefitting for the $20,000 and file a CTR? SAR for sure, but not 100% sure of the CTR.

Thank you.

Based on the facts, FinCEN allows you to make the call whether to list one individual or both for joint owners when one individual deposits the cash.

See FinCEN CTR FAQs #24 -

Since John Smith made a withdrawal from the joint account in excess of $10,000, then the financial institution would list Jane Smith’s information only if it has knowledge that the transaction was also being conducted on her behalf. If the financial institution does not have knowledge that the withdrawal was conducted on behalf of Jane Smith, then it would neither be required to nor prohibited from listing Jane Smith in a second Part I.

Therefore, if the financial institution does not have knowledge that the withdrawal was conducted on behalf of Jane Smith, the financial institution would complete a Part I on John Smith. For Item 2 of Part I, the financial institution would check 2a “Person conducting transaction on own behalf” and complete the applicable information for John Smith. Item 22 for Part I on John Smith would be completed by entering $12,000 and providing the account number affected.

However, if the financial institution does have knowledge the withdrawal was completed on behalf of both John Smith and Jane Smith, the financial institution must complete two Part Is. In completing a Part I on John Smith, the financial institution would check 2a “Person conducting transaction on own behalf” and complete the applicable information for John Smith. In completing a Part I on Jane Smith, the financial institution would check 2c “Person on whose behalf transaction was conducted” and complete the applicable information for Jane Smith. Item 22 for each Part I would be completed similarly by entering $12,000 and providing the account number affected.

It's not that one individual deposited $20,000. Two separate individuals deposited $10,000 each into 2 separate accounts - with that alone should a CTR be filed knowing that one of the individuals is joint owner on the other account. I'm not questioning who to file on, just should we file altogether. Hope this helps.

Since this is a deposit, you need to look at FAQ #23 which says that "When a deposit is made into a joint account, the deposit is presumed to be made on the behalf of all account holders because all account holders have potential access to the account balance." Since you said one party is an owner on both accounts, he or she has benefitted in the amount of $20,000 in one day.

Ok thank you - that clears it up.

I agree with Ted's statement above