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#2228014 - 12/27/19 02:27 PM CTR filing on another bank
moola741 Offline
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Joined: Dec 2003
Posts: 86
We had a local bank come and get over $10,000 in cash from us. This does require a CTR correct? There seems to be some discussion that because it is another bank one is not needed. Should this be a habit then they could be exempted but I do believe this is a one time thing and one needs to be filed.

Thank you in advance of your comment.

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#2228015 - 12/27/19 02:50 PM Re: CTR filing on another bank moola741
edAudit Offline
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edAudit
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You are here
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#2228019 - 12/27/19 03:05 PM Re: CTR filing on another bank moola741
BrianC Offline
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BrianC
Joined: Nov 2004
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Illinois
Unlike Phase II exemptions, Phase I's do not require that the customer exceed five reportable transactions in the previous 12 months.
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#2228023 - 12/27/19 04:56 PM Re: CTR filing on another bank moola741
RockChucker, CAMS Offline
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Posts: 1,644
The Country
Banks thankfully are exempt.
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#2228029 - 12/27/19 05:20 PM Re: CTR filing on another bank moola741
Richard Insley Offline
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Richard Insley
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Toano, VA
Phase I exemptions are declared by the regulation. All you need to do is verify that the customer lies within one of the Phase I definitions. If an internal discussion was deemed appropriate in this case, now's a good time to review the exemption regs and provide some training for everyone who could logically become involved in future CTR exemption determinations and administration.
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#2228031 - 12/27/19 05:37 PM Re: CTR filing on another bank moola741
moola741 Offline
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Joined: Dec 2003
Posts: 86
Thank you for your input

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