Currency Transaction Report (CTR)
Overview
A Currency Transaction Report (CTR) is a regulatory filing required when a financial institution processes cash transactions above a certain threshold, typically USD 10,000 in the United States. CTRs are mandated under the Bank Secrecy Act (BSA) and aim to detect and deter money laundering, terrorism financing, and other illicit financial activities. These reports capture details such as the identity of the customer, the amount, and the nature of the transaction.CTRs apply to banks, credit unions, money services businesses (MSBs), and other regulated financial entities that handle large volumes of cash. Filing is not optional; institutions must submit CTRs electronically to the Financial Crimes Enforcement Network (FinCEN) within a specified timeframe. While routine cash activity from legitimate businesses is also reported, the consistent filing of CTRs creates transparency, allowing regulators to flag unusual patterns and potential financial crimes.
FAQ
Related Terms
Stay ahead of risk with Signzy
Explore tools that help you onboard, monitor, and verify with confidence
AML Screening
Comprehensive Anti-Money Laundering screening solutions to detect and prevent financial crimes through advanced monitoring and compliance tools.
Transaction Monitoring
Real-time transaction monitoring and analysis to identify suspicious activities and ensure regulatory compliance across all financial operations.
Database Verification
Verify user information instantly by connecting to trusted databases across jurisdictions. Ensure accuracy, compliance, and faster onboarding with real-time data checks.