Sort of right...
the below was shamelessly copied from the web:
The Money Laundering Control Act of 1986 enabled banks to begin completing Large Currency Transaction Reports (LCTR) on individuals who conduct transactions involving more than $10,000 in cash
A CTR is required for every deposit, withdrawal or exchange over $10,000 in cash. Wire transfers or transactions by check and non-cash means are not subject to the CTR filing requirement. The requirements apply to all accounts, whether individual, group or corporate, regardless of their size. Banks are also required to aggregate all cash transactions made by or on behalf of an account on the same business day and at all branch locations. Transactions over the weekend or on holidays are treated as if made on the following business day. If the aggregate total is $10,000 or more, a CTR is required.
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