CURRENCY TRANSACTION REPORT AMOUNT VERIFICATION
Verification of the identity of an individual who indicates that he or she is an alien or is not a resident of the United States must be made by passport, alien identification card, or other official document evidencing nationality or residence (e.g., a provincial driver’s license with indication of home address). Identification RequiredĪ bank must verify and record the name and address of the individual presenting a transaction, as well as record the identity, account number, and Social Security or taxpayer identification number, if any, of any person or entity on whose behalf such a transaction is conducted. Refer to the Transactions of Exempt Persons section for more information. These currency transactions need not be reported if they involve “exempt persons,” a group which can include commercial customers meeting specific criteria for exemption. (deposit, withdrawal, exchange of currency, or other payment or transfer) of more than $10,000 by, through, or to the bank. Forms to be used in making reports of currency transactions may be obtained from BSA E-Filing System (. Effective July 1, 2012, FinCEN mandated electronic filing of certain BSA reports, including the CTR. 100(m) defines currency as coin and paper money of the United States or any other country that is designated as legal tender and that circulates and is customarily used and accepted as a medium of exchange in the country of issuance. Specifically, this section covers:Ī bank must electronically file a Currency Transaction Report (CTR) for each transaction in currency 1. This section outlines the regulatory requirements for banks found in 31 CFR Chapter X regarding reports of transactions in currency. Regulatory Requirements for Currency Transaction Reporting Objective: Assess the bank’s compliance with the BSA regulatory requirements for currency transaction reporting.
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