I'm looking for some guidance on cash transactions involving an IOLTA account.
A lawyer comes into the bank with $20,754.00 in cash. He deposits $10,812.00 in cash to his law firm's account. At the same time, he deposits $9,942.00 into an IOLTA account.
Does the lawyer's client, the owner of the $9,942.00, need to be listed as a beneficiary on the CTR? Or just the law firm for the full $20,754.00 since the deposit benefiting the lawyer's client did not exceed $10,000.00?