Multiple Currency Transaction Report: What You Need to Know

In the United States, financial institutions are required to report multiple currency transactions that exceed $10,000 in a single business day. This article will provide an overview of the requirements for filing a Multiple Currency Transaction Report (CTRP) and what you need to know about this important reporting obligation.

Who Needs to File a CTRP?

Not all businesses are considered financial institutions for purposes of the Bank Secrecy Act (BSA). Casinos, card clubs, and other gaming establishments with gross annual gaming revenues less than $1 million are not considered financial institutions and do not need to file a CTRP. However, casinos and other gaming establishments that meet this threshold must report all transactions in excess of $10,000 on Form 8300.

What Is a Business Day?

A business day is defined as a calendar day for all financial institutions except casinos, which have a gaming day that is used to calculate the business day. This means that casinos may have different reporting requirements than other financial institutions.

When Do You Need to File a CTRP?

You must file a CTRP if your financial institution receives or disburses currency in excess of $10,000 during any one business day. Multiple transactions made by the same person and resulting in either cash received or cash disbursed totaling more than $10,000 are treated as a single transaction.

How to File a CTRP

To file a CTRP, you must use FinCEN's BSA E-Filing System. You will need to provide information about each deposit, withdrawal, exchange of currency, or other payment or transfer that exceeds $10,000. The report must be filed on the business day following the transaction.

Additional Requirements for Suspicious Transactions

If your financial institution has knowledge that a transaction is suspicious or requires immediate attention, you must notify appropriate law enforcement and regulatory authorities immediately, in addition to filing the CTRP. In situations involving transactions of $10,000 or less in currency, a FinCEN Suspicious Activity Report (SAR) may be filed instead.

Filing a Multiple Currency Transaction Report is an important obligation for financial institutions in the United States. By understanding who needs to file, what constitutes a business day, and how to file the report, you can ensure compliance with BSA regulations and prevent illegal activities such as money laundering and terrorism financing.

Multiple currency transaction report