If a customer asks how much they can deposit to avoid the bank from filing a Currency Transfer Report, should we tell them? I thought I couldn’t verbally give them the amount since it could encourage structuring.
I have a CTR scenario that I need guidance on:
John Doe comes in and deposits $10,500 in cash into two different accounts. He deposits $9000 into an account that he owns by himself. He deposits $1500 into an account that he jointly owns with his girlfriend Jane.
Does a Part One need to be filled out on the girlfriend Jane?
This question primarily refers to the guidance published by FINCEN on 10/01/19, particularly the line "If more than one Item 2 options applies to a Part 1 person, a separate Part 1 section will be prepared on that person for each Item 2 option." In addition to reading the publication, I watched a BOL Webinar by John Burnett on this topic and was hoping he may be available to answer this question.
I am aware that this ruling has postponed and is not currently effective, but our institution has been filing CTRs in accordance to this guidance since it came out in order to prepare. If this guidance were in place and I was trying to follow it correctly would the following scenario be filed as explained, or is my understanding incorrect.
Jane Doe is the sole owner of a checking account for her Sole Proprietorship, Doe Inc. Jane Doe makes an $7,000 withdrawal from the Doe Inc checking account on behalf of the business. John Smith is a signer on the Doe Inc checking account and makes a $5,000 withdrawal on behalf on the business.
Based on my understanding of the 10/01/20 guidance three part 1's would be filed on this CTR as follows:
The first Part 1 for Jane Doe would have box 2a marked for the $7,000 she withdrew on her own behalf/on behalf of the business because she and the business are the same entity. This part 1 would include the trade name Doe Inc and contain Jane's DOB, SSN, etc. and would have $7,000 in section 22.
An additional Part 1 for John Smith would have box 2b marked for the $5,000 he withdrew on behalf of the business. The Part 1 would contain John's personal information and would show $5,000 in section 22.
The second Part 1 for Jane Doe would have box 2c marked for the $5,000 that was withdrawn on behalf of the business, but not by Jane herself, therefore not qualifying for the previous 2a we filed for Jane. This part one would include the trade name Doe Inc and contain Jane's DOB, SSN, etc. and would have $5,000 in section 22.
Because Jane fulfills a 2a and 2c role for this set of transactions it is my understanding that a separate part 1 would be filed for each role based on the guidance I quoted at the beginning of this message. Please advise as to the correct way to file for a transaction of this nature (based on the 10/01/20 guidance) and If my understanding is incorrect, please explain what the issue was.
If a customer buys $50,000 in Polynesian Francs, does a CTR need filed on the $50,000?
Two non-customers came into the branch. Each has a check payable to themselves for $6,000 from the same attorney. They go to the teller window together and each person cashes their check. They are together at the window the entire time. Does a CTR need to be filed because they were conducting the transactions together?
A customer of ours came into the bank and cashed six checks totaling $29K. Some were drawn off of our bank and some were not. When I file the CTR, what account number should I use in Part I, item 22?
Should I use the account numbers from each check that was cashed?
Should I use the account number of our customer even though none of the checks that were cashed came from her account?
Should I leave Item 22 blank?
A bank employee (not our courier) delivered over $10k in cash to a bank customer. Do we have to identify the bank employee personally or can we say Armored Car (FI)?
What method of identification do you use for a minor on a CTR?
Are savings account transactions considered exempt from CTR reporting for the business customer that is an exempt non-listed business? What about cash payments to a loan account?
From 31 CFR 1020.315: The exemptible accounts of a non-listed business or payroll customer include transaction accounts and money market deposit accounts.
From Federal Reserve Act 19(b)(1)(C): The term "transaction account" means a deposit or account on which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawals, telephone transfers, or other similar items for the purpose of making payments or transfers to third persons or others. Such term includes demand deposits, negotiable order of withdrawal accounts, savings deposits subject to automatic transfers and share draft accounts.
We have a business account with approximately 8 authorized signers and a qualifying transaction from the night drop. On the CTR, I understand that the Night Drop explains why you have not identified a conductor, but do I list all the authorized signers on the account (all parties benefit from deposits) or just the business?