Hoping someone can help me figure out who to file this CTR on.
Scenario:
-We have an Estate account.
-Funds in account are currently being distributed to children of estate owner due to sale of real estate.
-Executor of Estate comes into branch with a $18,800 check made payable to one of the children. States that Individual lives in a nursing home out of state and cannot receive said check as it will mess with their income controlled nursing care (let's just ignore that fact for now).
-Check is "signed" by Individual and countersigned by Executor. Executor presents item for payment and recieves cash. (again, SVP Retail approved transaction but lets just ignore that)
I believe that the CTR should be filled out with the Executor being listed as "conducting transaction for another" and named individual being listed as "person on whose behalf transaction was conducted" as it was clearly stated to us the $$ was for her benefit. Keep in mind we do not have ID info for the Individual named on the check, just a name.
Am I right or wrong here?
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...learning as I go.