Small Cash Deposits Totaling Over $10,000

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Question:

We have a customer who deposits small amounts of cash at different times that total over $10,000. What is the time period to collect this information? We are worried this might be money laundering and/or structuring.

Answer:

It can be any amount of time between each cash transaction. Do you think this was one large cash transaction broken up to evade CTR reporting or is this legitimate cash deposits? If you feel the customer structured the cash deposits to avoid CTR reporting then you must file a SAR.

First published on BankersOnline.com 12/15/08