Currency Transaction Report - CTR


DEFINITION of 'Currency Transaction Report - CTR'

A bank form used in the United States to help prevent money laundering. The form must be filled out by a bank representative who helps with a currency transaction of $10,000 or more.

BREAKING DOWN 'Currency Transaction Report - CTR'

The currency transaction report was initiated by the Bank Secrecy Act in 1970. However, not all transactions of $10,000 and more need to reported with a CTR. Recent legislation has identified certain groups known as "exempt persons".

There are three categories of "exempt persons". They are:

1. Any bank in the United States.
2. Departments or agencies that fall under federal, state or local governments. Including any organizations that exercise government authority.
3. Any corporation whose stock is traded on the NYSE, Nasdaq and American Stock Exchange (excluding stocks listed on the Emerging Company Marketplace and under the Nasdaq Small-Cap Issues heading).

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  6. Bank Secrecy Act - BSA

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  1. Why does fighting money laundering reduce overall crime?

    Money laundering is the process of converting funds received from illegal activities into ostensibly clean money that does ... Read Full Answer >>
  2. Who sets the global standard to stop money laundering and how is it implemented?

    The Financial Action Task Force (FATF) sets the international standard for fighting money laundering. Formed in 1989 by leaders ... Read Full Answer >>
  3. What methods are used to launder money?

    Money laundering involves three basic steps to disguise the source of illegally earned money and make it usable: placement, ... Read Full Answer >>
  4. If caught, what implications does money laundering have on a business?

    Money laundering is a multibillion dollar industry that impacts legitimate business interests by making it much more difficult ... Read Full Answer >>
  5. What are the differences between AMEX and Nasdaq?

    While similar in purpose, the American Stock Exchange (AMEX) and the National Association of Securities Dealers Automated ... Read Full Answer >>
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    There are three major U.S. financial securities markets which are: New York Stock Exchange (NYSE): NYSE is a stock exchange ... Read Full Answer >>

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