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Telling Customers the Bank is Filing a CTR

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Question: 
I have told the employees at my financial institution that we are allowed to say that we are filing a CTR but they disagree. How can I prove to them that it is not against the law to state that we are filing a CTR? This is public knowledge but I have people that want to see it in writing.
Answer: 

Your co-workers may have confused Currency Transaction Reports (CTRs) with Suspicious Activity Reports (SARs). If they do a little reading, they will readily find flat prohibitions on telling a customer that that a SAR was filed. However, no amount of research will find a similar prohibition in connection with CTRs. Given that your bank must obtain identification from the person conducting the transaction, your co-workers might be able to reach the correct conclusion through thoughtful analysis rather than research. Obviously, the person is going to ask you why you need the identification and you're going to tell him you need it to complete the CTR.

First published on BankersOnline.com 11/20/06

First published on 11/20/2006

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