I'd like to hear another viewpoint on this issue. We've always understood that any individual who brings over $10,000 cash into the bank automatically qualifies for CTR filing, regardless of what he does with the money.
An example: an individual owns 2 businesses, each separate legal entites with their own EIN. He brings cash deposits for both businesses, over $10,000, then divides them between the 2 accounts, sometimes depositing less than $10,000 in one or both accounts.
So we have filed CTRs for these transactions, due to the fact this one individual presented over $10k. Now our FDIC examiner is telling me that because the businesses are separate legal entities, we should only file if the divided deposits exceed $10k on their own.
The reg plainly says "by or on behalf of the same person", so I take that to mean "by" in this situation.
He is adamant that we should not be filing and so we have stopped. But I'm really uneasy and have asked for something in writing to cover us.
Possums sleep in the middle of the road with their feet in the air.