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Latest Operations - Currency Transaction Reporting Topics

Banking a sole proprietorship insurance agency

11/17/2024

When banking an insurance agency that handles only cash deposits, what documents are required? Do we have to obtain their contract agreement, if they are a sole proprietorship and are licensed with multiple agencies? I am located in Georgia and regulated by the OCC.

Completing a CTR involving multiple transactions

11/10/2024

We have a situation where a customer deposited $10,000 cash into their account that is owned by two other individuals. Later in the same day, one of the individuals makes a $200 change order on their own personal joint account. How do we complete the CTR? Do we include the 3 joint account owners for the $10,000 cash deposit, then add a role for the individual for the $200change order or do we only list the individual that was involved with the $10,000 cash deposit, with the transaction being conducted on their behalf (with no one conducting the transaction) and the $200 change order conducted on their own behalf.

Completing a CTR based on who benefited

09/15/2024

A husband and wife come to the bank. The wife has an account with us the husband does not. The wife withdraws $10,000 from her checking account. Then she and her husband cash three checks not drawn on us but made payable to both of them totaling $2,500. I know we will include this on the CTR under her Part I, but should he be listed on the CTR? He only benefited from the $2,500 but is that transaction tied with her for the CTR?

Joint account withdrawals and CTR filing

07/07/2024

I have a CTR question. Husband writes a check to Wife for $10,000.00 and she cashes it. Husband then uses the ATM to withdraw $600.00 from his debit card. There is no way to know if both of them are benefiting from each transaction. Would a CTR be filed?

CTRs and Joint Accounts

06/16/2024

I know this question has been asked before but I'm having issues with explaining this to one of our Financial Managers. When a reportable cash transaction is made into a joint account, we need all the joint account owner's information in order to complete the CTR for filing. Am I correct?

CTR of Estate Account

04/28/2024

We have a client who deposited over $10K into the "Estate of XXXXX" account. When creating the CTR is the Estate the beneficiary on the CTR? The only other person on the account is the Executor.

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Credit bureau checks for new accounts

11/17/2024

What types of accounts does a financial institution need prior authorization for from a client before running Chexsystems? How does a financial institution have to notify a client that they are going to run Chexsystems? Regarding business clients - we run biz Chexsystems on the business and the beneficial owner, correct? How do we have to notify them that we are pulling their credit to determine if we can open a new account?

Banking a sole proprietorship insurance agency

11/17/2024

When banking an insurance agency that handles only cash deposits, what documents are required? Do we have to obtain their contract agreement, if they are a sole proprietorship and are licensed with multiple agencies? I am located in Georgia and regulated by the OCC.

Completing a CTR involving multiple transactions

11/10/2024

We have a situation where a customer deposited $10,000 cash into their account that is owned by two other individuals. Later in the same day, one of the individuals makes a $200 change order on their own personal joint account. How do we complete the CTR? Do we include the 3 joint account owners for the $10,000 cash deposit, then add a role for the individual for the $200change order or do we only list the individual that was involved with the $10,000 cash deposit, with the transaction being conducted on their behalf (with no one conducting the transaction) and the $200 change order conducted on their own behalf.

Powers of an authorized signer on a trust account

11/10/2024

A trustee has appointed an authorized signer (not a successor trustee in this case) to their trust. The trust documents give them the power to do this. If the trustee who appoints the authorized signer dies, when do the powers of the authorized signer cease? At the time the trustee's death, or when new trust documents are drafted by the successor trustee(s)?

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