I have a question. If you have the followin scenario - you have a customer who has two transactions - $1,000 in currency exchange and a $12,000 deposit into the business account.

Why do you not include the $1,000 cash out on the CTR? By only reporting the $13,000, the government is not able to tell how much of the grand total was the currency exchange. You'd think they want to know - especially in relation to potential drug money transactions made by drug dealers.

Thanks. On a personal note - I think they should change the rule to ask for both sides. It's crazy !!!

Why do you not include the $1,000 cash out on the CTR?

Because the rules say not too.......

WEll if you read what I typed - I am well aware of that - my question is that WHY??? It makes no sense.
W

You would not include the $1,000 as a cash out because it doesn't exceed the reporting threshold. However, when included with the $12,000 in, it does and is reported as the $13,000.

Hope this helps!

LOL @

DixieQueen, You'll be surprised to see how many of those rules don't make any sense. But it's the government. What can you do...
Don't worry/think too much. Just follow the instructions. It'll make your life a LOT easier.

The new "BSA - CTR" form 112 provides more of a break down to LEAs, but it still follows the current philosophy; i.e. if the total amount of in's or out's is less than $10,000.01 they are not reportable. As the filing threshold for reporting is $10,000+ that makes sense to me.