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CTRs for Wire Transfers?

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Question: 
Do you have to fill out a CTR form for the government if it is a wire transfer that is being sent over 10,000.01? I've heard different things in this area.
Answer: 

In the absence of "currency," there is no Currency Transaction Report. Unless a wire transfer is paid for or distributed in cash, there is nothing to report, regardless of the amount of the wire.

Wire transfers of $3000 or more do generate special record retention requirements.

First published on BankersOnline.com 4/01/02

First published on 04/01/2002

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