The business received the cash to do with it as they please. The check is not being cashed on behalf of the employees. There is no beneficiary designation on a CTR. It is only who conducted and on who's behalf was it conducted.
CTR for Large Check for Christmas Bonuses
A customer cashes a large check that results in a reportable CTR. My question is that the funds from the check are for Christmas bonuses for the customer's employees. I have the customer as the conductor, but who will be the beneficiary? Can we list the business as the beneficiary?
First published on 01/19/2020