Multiple Transactions

Posted By: banker1976

Multiple Transactions - 09/07/21 02:40 PM

Customer is withdrawing $45,000 from their account. They present three checks for $15,000 each. When filing the CTR, Part I, you would check the box "Conducting on Own Behalf", and then would you...

1. Check the "Multiple Transactions"
2. Leave "Multiple Transactions" blank
Posted By: ColoradoAML

Re: Multiple Transactions - 09/07/21 06:06 PM

Posted By: BrianC

Re: Multiple Transactions - 09/07/21 06:29 PM

According to FinCEN CTR FAQ #18, the answer is "It depends."

Generally I see financial institutions treat this one of two ways.
1. If there is a single cash in/out ticket in a single visit, treat it as a single transaction.
2, If there are multiple cash in/out tickets in a single visit, treat it as mutliple transactions.

The idea behind checking "multiple transactions" is to make it as easy as possible for you to locate the source documents a a later date. If you have three seperate cash out tickets for your cashed check and do not check multiple transactions, would you be looking for a single $45K cash out transaction?

As you an see, your answer ultimately depends on your procedures for how these transactions are processed.