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What is a Currency Transaction Report?

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In the United States, a currency transaction report is a document that is filed each time that any financial transaction over the amount of $10,000.00 US Dollars (USD) takes place. The transaction can involve financial instruments such as domestic currency, coin, silver certificates and foreign currency. Checks and funds transfers backed with currency are also subject to the filing of a currency transaction report. The creation of the currency transaction report took place after the passage of the Money Laundering Control Act of 1986. Designed to provide financial institutions from liability when reporting a suspicious transaction to federal authorities, the currency transaction report or CTR made it mandatory for all banks to report basic details of any transaction over a certain amount. Initially, the format for the report included a box that could be checked if the bank believed something was amiss with the transaction. Prior to the extensive use of desktop computers and Internet ... more
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In the United States, a currency transaction report is a document that is filed each time that any financial transaction over the amount of $10,000.00 US Dollars (USD) takes place. The transaction can involve financial instruments such as domestic currency, coin, silver certificates and foreign currency. Checks and funds transfers backed with currency are also subject to the filing of a currency transaction report. The creation of the currency transaction report took place after the passage of the Money Laundering Control Act of 1986. Designed to provide financial institutions from liability when reporting a suspicious transaction to federal authorities, the currency transaction report or CTR made it mandatory for all banks to report basic details of any transaction over a certain amount. Initially, the format for the report included a box that could be checked if the bank believed something was amiss with the transaction. more
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Currency Transaction Reports are filed when someone is involved in a transaction of over $10,000 in currency at a bank, casino, check casher, or money remitter.
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