CTR Benefactor

Posted By: MoodyBlue

CTR Benefactor - 06/09/08 01:02 PM

John Doe brings in $35,000.00 in cash and purchases 3 Cashier's Checks for Mickey & Minnie Mouse. Since the checks are for the benefit of Mickey & Minnie Mouse shouldn't they be the benefactor and John Doe the transactor. Also, if there is a SAR filed for this activity should Mickey & Minnie be reported along with John Doe. Thanks!!!!
Posted By: John Burnett

Re: CTR Benefactor - 06/09/08 03:44 PM

For a CTR you need to describe two types of persons -- In section A you must provide the name(s) of the person(s) on whose behalf the transaction is conducted (use of the words "beneficiary" and "benefactor" is inaccurate and the cause of lots of misunderstandings on who gets reported on a CTR). And in Section B, you describe the individual or individuals who conducted the transactions.

I read your question to say that Doe is buying the checks on behalf of the Mouses (or is that "Mice"? ). That is, the Mouses asked him to purchase the checks for them. In that case, Mickey Mouse would be in one Section A entry and Minnie Mouse in a second Section A entry, with John Doe in Section B.

On the other hand, if your question should be read to say that Mickey and Minnie Mouse are the payees on the checks and that John Doe is buying the checks to pay Mickey and Minnie Mouse from his own funds (he owes them money or wants to give them the money), then John Doe conducted the purchase on his own behalf, and John Doe only goes in Section A, with Section B completed with a single check of the "conducted on own behalf" box.

If I have misread your question, please clarify for me.
Posted By: MoodyBlue

Re: CTR Benefactor - 06/09/08 04:20 PM

I filed with John Doe as benefactor & own behalf. Was just questioning myself. The teller stated that the checks purchased with cash were from John Doe for Mickey and Minnie Mouse (out of state residents) for school. Three checks are for $9,000.00 and one is for $8,000.00. John Doe stated that he would have purchased one check but Mickey and Minnie wanted four separate checks. Thanks!!!!
Posted By: WonderWoman

Re: CTR Benefactor - 06/09/08 04:42 PM

in that case ... maybe a SAR filed on Mickey & Minnie is appropriate ... something doesn't feel right ...


* side note

What part does Donald Duck play in all of this? (hah hah - couldn't resist that one)