Question: What Is CTR Banking?

What does CTR mean in banking?

Currency Transaction ReportsFederal 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 happens when a CTR is filed?

CTR stands for Currency Transaction Report. This is a report filed to the Financial Crimes Enforcement Network (FinCEN) by financial institutions regarding any withdrawals, deposits, payments, transfers or exchanges of currency in the value of $10,000 or more.

When should a CTR be filed?

As of April 1, 2013, all FinCEN CTRs must be filed within 15 calendar days of the reported transaction(s).

Is a CTR reported to the IRS?

The Internal Revenue Service (IRS) recognizes the benefits of using Currency Transaction Reports (CTR) in its criminal and civil enforcement efforts.

How do you avoid CTR?

Make no mistake—you should never attempt to structure in order to avoid a CTR. You are better off withdrawing the amount of money you need for your specific transaction from a single account or multiple ones if needed but do not establish a pattern that makes it appear you are trying to duck.