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CTR on Incoming Wires

When filling out the CTR concerning incoming wires, why do we have to fill out the wire transfer if it is not cash? If does have to be filled out, where do we list the dollar amount in cash-in?

Answer by Randy Carey:Unless you are providing cash in an amount over $10,000 to the wire recipient from the incoming wire, a CTR would not be applicable.


Answer by John Burnett:Take a step back and look at what the initials CTR stand for: Currency Transaction Report. A wire transfer is not a transaction in currency, per se. If you accept a wire transfer request that is paid for in cash in a reportable amount, you should file a CTR. You'd also file if you receive a wire transfer and the beneficiary takes the proceeds of the wire in cash in a reportable amount. In each of those cases, currency (cash) changes hands. Cash wire transfers (in or out) are rare these days. Most wire transfers are paid for by check or account debit and paid to the beneficiary by check or account credit. The purpose of CTR filing is to provide records of cash transactions.

First published on 1/21/08

First published on 01/21/2008

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