Currency Transaction Support & Structuring

Question 1

Describe a CTR

Answer 1

Currency Transaction Report
Its required by the BSA
Required for CASH transactions that aggregate 10,000.01 or more in a day
Must be in the same direction
Certain businesses can be CTR exempt

Question 2

What does the CTR form list?

Answer 2

Who conducted the transaction, who benefits from the transaction, and account information, and how the transaction was conducted

Question 3

Some differences between a CTR & Alert?

Answer 3

CTR is separate from transaction monitoring
Alert is generated on any transaction type
CTR filed with transactions 10,000.01 or more in cash
Alert is is investigation is conducted if an activity is determined to be reasonable or unreasonable

Question 4

What is Structuring?

Answer 4

Splitting cash in the attempt to avoid a CTR, it is ILLEGAL, regardless of the source of funds

Question 5

Why is Structuring illegal?

Answer 5

Because it is a deliberate attempt to avoid AML regulations and laws & may be an indicator of additional illegal activity

Question 6

What are some Structuring Red Flags?

Answer 6

1) Out of Pattern Behavior
2) Just Under the CTR Threshold
3)Use of Multiple Branches
4) Cash Transactions in a short amount of time
5) Transactions appear to be related
6) INQUIRING ABOUT THRESHOLDS