Hello, I have been searching and searching old threads, old posts, FinCEN guidance and just not feeling confident I understand the right way to file my CTR due to this being an irrevocable grantor trust. I have been reading about the differences between the types of trusts and there is a lot of information.

$30,000 deposit into John and Jane Doe Irrevocable Trust (using an EIN) with Sally Doe as the trustee on the account. Jane is who made the deposit, though. From what I have read, Jane would be listed as "conducting transaction for another" because she is not the trustee, even though she is one of the grantors of the trust. And then the trust would be listed as "on whose behalf the transaction was conducted" because it is treated like a business.

Would this be the correct way to file? This was my first interpretation from the other information I have found regarding grantor trusts and how they work and why they are set up.

Or do the grantors of the trust also need to be listed as "on whose behalf the transaction was conducted" to show they are benefitting which would make Jane Doe transacting on own behalf? This is where I am confused.

Any advice would be greatly appreciated.

Thank you

OK - I will let someone else answer the BSA question, however, if this is an irrevocable trust, how can someone that is not the trustee conduct a transaction on behalf of the trust?

Sounds like you have some operational training to perform.

Hmmm, thank you for that tidbit of information, but I'm confused even more now. Even for a deposit, someone else should not be doing that? I'm not a trust expert or a deposit operations expert by any means, but I have been told that anyone can make a cash deposit into any account.

If I was the trustee of an irrevocable trust and someone dumped a bunch of cash into the account, especially enough to trigger a CTR and the bank did not have authorization from me for that to happen, then you likely caused a breach in my own fiduciary ability to manage the trust.

This is not like some employee coming in and making a deposit to the business for which they work or popping in $10 to a kids savings account.

Ah, I see where you are coming from. Thank you for that insight. In researching the activity in the account further, after the cash deposit was made, the trustee did write a check to an investor a couple days later. I don't have the full story, I just file the CTRs, so this has me curious as to how this transaction transpired and why the trustee did not make the deposit.

Aside from the concerns that Randy mentioned, it sounds like the way you explained the transaction and the persons involved is correct. You approach the CTR for an irrevocable trust very similar to a business, which it seems like you did.

Great job!

Thank you for the confirmation that my first interpretation was accurate. These trusts can get tricky the more I read about them!

I agree with BowlingQueen that the way you filed the CTR was correct.