A broker-dealer compliance officer is updating the firm's written supervisory procedures regarding Currency Transaction Report (CTR) compliance under Bank Secrecy Act and FinCEN regulations. Which of the following requirements correctly apply to CTR filings? Select all that apply.
- They must be filed for physical currency transactions exceeding $10,000 executed in a single business day.Answer
- The member firm must submit the completed filing to FinCEN within 15 calendar days of the transaction.Answer
- CThey must be filed for any suspicious wire transfer or check deposit exceeding $5,000.
- DThe report must be filed within 30 calendar days of initial discovery of suspicious account activity.
Answer
Currency Transaction Reports (CTRs) must be filed for physical cash transactions exceeding $10,000 in a single business day, and the filing must be completed within 15 calendar days of the transaction.
The correct requirements dictate that Currency Transaction Reports (CTRs) are triggered by physical cash transactions exceeding $10,000 conducted in a single business day, and member firms must file the completed report with FinCEN within 15 calendar days.
Step-by-Step Solution
Key Concept
Currency Transaction Report (CTR) Rules and Thresholds