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Cashier's Check Payable to Treasury-CTR?

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If an IRS Special Agent purchases a cashier's check payable to the Department of Treasury with more than $10,000 in cash, is a CTR required?

The Internal Revenue Service, as an agency of the Federal government, is automatically exempt from CTR reporting, so there's no need to file a CTR. Annotate your records with information to document the transaction sufficiently to support the exemption. Part of that documentation should be how you verified the individual's position as an IRS agent.

CAVEAT: If the purchase of the cashier's check is for a cash amount of from $3,000 to $10,000 inclusive, the bank or credit union must comply with the record keeping requirement for cash purchases of monetary instruments under 31 CFR Part 1010, Section 1010.415. There are no exemptions available under those requirements.

First published on 7/2/12

First published on 07/02/2012

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