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If you cash payroll checks is a CTR required?

Would a CTR be required if several individual employees endorsed their respective payroll checks (all individual payroll checks are under $10,000 but combined they aggregate to an amount that exceeds $10,000), and made the checks payable to one employee who, in turn, cashed them at a financial institution for the purpose of distributing the proceeds back to the individual employees?

A CTR would be required in this instance because one person is receiving more than $10,000 in currency. (10/2001).
Learn more about Deborah Crawford’s webinar Currency Transaction Reporting: Line-by-Line

First published on 09/29/2019

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