Currency Transaction Report (CTR)
A bank form used in the United States to help prevent money laundering. The form must be filled out by a bank representative who helps with a currency transaction of $10,000 or more. Investopedia Says:
The currency transaction report was initiated by the Bank Secrecy Act in 1970. However, not all transactions of $10,000 and more need to reported with a CTR. Recent legislation has identified certain groups known as "exempt persons".
There are three categories of "exempt persons". They are:
1. Any bank in the United States.
2. Departments or agencies that fall under federal, state or local governments. Including any organizations that exercise government authority.
3. Any corporation whose stock is traded on the NYSE, Nasdaq and American Stock Exchange (excluding stocks listed on the Emerging Company Marketplace and under the Nasdaq Small-Cap Issues heading). Related Terms:
Bank Secrecy Act - BSA
Financial Crimes Enforcement Network - FinCEN
Money Laundering
Transaction
Wire Fraud |