CTRs for Wire Transfers?

Question:

Do you have to fill out a CTR form for the government if it is a wire transfer that is being sent over 10,000.01? I've heard different things in this area.

Answer:

In the absence of "currency," there is no Currency Transaction Report. Unless a wire transfer is paid for or distributed in cash, there is nothing to report, regardless of the amount of the wire.

Wire transfers of $3000 or more do generate special record retention requirements.

First published on BankersOnline.com 4/01/02