What is an aggregated CTR?
If multiple businesses are not operating separately and independently, the institution may reach the conclusion that their transactions should be aggregated. A CTR would be completed indicating those entities on whose behalf the transaction(s) were conducted and those individual(s) conducting the transaction(s).
What transactions should a CTR be filed on?
Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).
What is a CTR reportable transaction?
A currency transaction report (CTR) is used to report to regulators any currency transaction that exceeds $10,000. The CTR is part of anti-money laundering efforts to ensure that the money is not being used for illicit or regulated activities.
What is CTR in AML?
All series of cash transactions integrally connected to each other, which have been valued below rupees ten lakh or its equivalent in foreign currency, where such series of transactions have taken place within a month and the aggregate value of such transactions exceeds rupees ten lakh. …
What is a aggregated check?
“Aggregated” is used when there are multiple transactions, all of which were below the reporting threshold. This was originally a required field used to indicate why information on the “person conducting the transaction” was not obtained and recorded.
What is the difference between a CTR and a SAR?
A Currency Transaction Report (CTR) should be filed when a transaction or series of transactions exceeds the $10,000 threshold within a 24 hour period. A Suspicious Activity Report (SAR) must be filed when financial institutions become aware of suspicious behavior that could potentially be crime-related.
Does a CTR trigger an audit?
Although having a CTR on your IRS file may cause you to be audited, structuring your transactions to avoid the CTR is illegal, and it will cause you even more headaches.
What is STR and CTR?
In paragraph 6 of our circular dated February 15, 2006, referred to above, banks were advised to initiate urgent steps to ensure electronic filing of cash transaction report (CTR) and Suspicious Transaction Reports (STR) to FIU-IND.
What is the purpose of a CTR?
The purpose of a CTR is to enlist financial institutions in the fight against money laundering and other financial crimes.
What is currency transaction report aggregation for businesses?
Guidance Subject Currency Transaction Report Aggregation for Businesses with Common Ownership The Financial Crimes Enforcement Network (“FinCEN”) is issuing this guidance to clarify, for currency transaction reporting purposes, the aggregation of multiple transactions conducted by businesses with common ownership.
When to file a currency transaction report ( CTR )?
A bank must electronically file a Currency Transaction Report (CTR) for each transaction in currency 1 (deposit, withdrawal, exchange of currency, or other payment or transfer) of more than $10,000 by, through, or to the bank. 2. These currency transactions need not be reported if they
When to file a CTR for a business?
Because the bank has determined that the businesses are not independent of each other, the bank should file a CTR listing Company A and Company B in separate sections indentifying the person (s) on whose behalf the transaction is conducted and listing a cash-in deposit of $11,000.
When to aggregate transactions for the same person?
When determining whether to aggregate transactions as being on behalf of the same person, a financial institution must use its knowledge of relevant facts and circumstances.