CTRs When Deposit is to Joint Account

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Question:

CTRs - If we have a customer who makes a deposit over $10,000.00 into a joint account, do we need to also put in the information of the joint owner of the account even though they did not physically come to the bank?

Answer:

Absolutely yes. For deposits, all those who are known to benefit from the deposit must be listed in Section A of Part I of the CTR. The fact that the joint owner didn't come into the bank has nothing to do with the answer. He or she still benefits from the deposit.

First published on BankersOnline.com 1/31/05