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CTR Put Cash In/Cash Out for Cash Exchange

Answered by: 
John Burnett

Question: 
One of our Check cashier customers came to the branch and wanted to exchange $25K in $100 bills for denominations of $50's, $20's and $10's. Should I file a CTR, if so the amount should be cash in/cash out or on both?
Answer: 

Unless this customer happens to be a Phase I exempt person, you must file a CTR. Mark it as a currency exchange and provide the amount of cash "swapped" in both items 26 and 27 because you report it as both a cash-in and a cash-out transaction. No account number will appear because the transaction did not affect the customer's account.

First published on BankersOnline.com 6/18/12

First published on 06/18/2012

Filed under: 
Operations
Filed under operations as: 
Currency
IT

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