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Don’t Inform Customer of CTR Exemption?

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Question: 
I was told that a customer should not be informed of being exempt from Currency Transaction Reporting. Is this correct? If so, why not?
Answer: 

There is no regulatory requirement or guidance to inform or not inform a customer that she/he is exempt from CTR filing. However, many believe it is a best practice to not let the customer know, so that the customer doesn't use the information to take advantage of it (such as money laundering).

First published on BankersOnline.com 1/04/10

First published on 01/04/2010

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