Skip to content

CTR - Savings Bond Purchased for Spouse

Answered by: 

Question: 
If a customer comes in and purchases a Savings Bond for his wife with $15,000.00 in cash, should multiple persons be checked? Would just the wife's information go on the CTR since she is the beneficiary or would just the husband's information go on the CTR since he is the one who actually had the cash in hand?
Answer: 

Will you settle for both? The wife is the person benefiting from the transaction, so her information goes in Section A. The husband is completing the transaction, so his information goes in Section B. Identifying the parties is the same process, whether you're dealing with cash deposits to an account or cash purchases of savings bonds. You report on the person(s) benefiting from the transaction and on the individual(s) making the transaction. No, based on what you've told us, "multiple persons" would not get checked.

First published on BankersOnline.com 5/21/07

First published on 05/21/2007

Filed under: 
Filed under security as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics