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#2131722 - 05/24/17 05:11 PM CTR withdrawal and MI purchase
Jodi Offline
Member
Jodi
Joined: Jun 2002
Posts: 87
I'm filling in for the BSA Officer and need CTR help! If a customer withdraws $20,000 in one transaction, then in a separate transaction uses $2300 of that cash to purchase a cashiers check, is this the correct way to complete the CTR: $20,000 shown as CASH OUT; $2300 shown as CASH IN; List Account Number Affected; Select option Negotiable Instrument Purchased? If not, what corrections are needed?

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#2131724 - 05/24/17 05:16 PM Re: CTR withdrawal and MI purchase Jodi
thomasj Offline
Power Poster
Joined: Mar 2001
Posts: 5,063
Pennsylvania
The CTR would only be filed for the $20,000 cash out since the cash in amount did not exceed $10,000.
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Knowledge is knowing what to say. Wisdom is knowing when to say it.

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#2131725 - 05/24/17 05:16 PM Re: CTR withdrawal and MI purchase Jodi
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,310
Galveston, TX
If the cash in does not exceed $10,000, you have no obligation to report it.
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#2131732 - 05/24/17 05:22 PM Re: CTR withdrawal and MI purchase rlcarey
Jodi Offline
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Jodi
Joined: Jun 2002
Posts: 87
Thank you to both of the responders!

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#2131756 - 05/24/17 06:19 PM Re: CTR withdrawal and MI purchase Jodi
Midwest BSA Offline
Member
Joined: Sep 2014
Posts: 54
$3,000 is the threshold that you'd log the purchase of a monetary instrument (internally) - maybe that's what you're thinking of?

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#2132735 - 06/01/17 06:19 PM Re: CTR withdrawal and MI purchase Jodi
LC Northeast Offline
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Joined: Feb 2017
Posts: 18
Did the customer leave the branch with $20,000 and return with $2,300 to purchase the MI? If that is the case then yes I agree the CTR should be filed as a $20,000 withdrawal.

However, if the customer didn't leave the branch with $20,000 and only left with $17,700 ($20,000 minus the purchase of the official check), shouldn't the CTR have been filed for $17,700 as that is what the customer left with?
Last edited by LC Northeast; 06/01/17 06:19 PM.
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