Currency Transaction Report (CTR)

A Currency Transaction Report (CTR) is a tool used by financial institutions in the US to combat money laundering and other financial crimes. A CTR form is used to notify regulators of any currency transaction exceeding the standard $10,000 threshold. This measure helps monitor transactions, ensuring that the funds aren’t being used for illegal activities.

Currency transaction reports mandate institutions to confirm the identity and Social Security numbers (SSN) of individuals involved in large transactions, regardless of whether they hold an account with the company. Additionally, a CTR should still be submitted for smaller transactions if it seems like the customer is intentionally avoiding the threshold, a practice referred to as structuring.

Frequently asked questions

1

What is a CTR in Banking?

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2

When Should a Currency Transaction Report Be Filed?

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3

How was the CTR Introduced?

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4

Who is Required to Submit Currency Transaction Reports?

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What are the “Exempt Persons” Under the CTR Requirements?

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What is the Process for Submitting a CTR?

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7

Are CTRs Confidential?

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