SIE practice questionmediumCurrency Transaction Reports
Under the Bank Secrecy Act, a Currency Transaction Report (CTR) must be filed for cash transactions exceeding:
- A$5,000
- B$10,000✓ Correct answer
- C$3,000
- D$25,000
Explanation
Why B — $10,000
A Currency Transaction Report (CTR) must be filed with FinCEN for any cash transaction (deposit, withdrawal, exchange, or payment) exceeding $10,000 in a single business day. Multiple transactions that aggregate to over $10,000 by or on behalf of the same person must also be reported. The CTR is filed within 15 days of the transaction. This reporting requirement is distinct from SAR filing ($5,000 for suspicious activity) and is designed to detect potential money laundering.
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