Which Transactions Require Completion of FinCEN Form 104, a CTR?
Question
Which of the following transactions requires completion of FinCEN Form 104, a CTR?
Answers
Explanations
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A. B. C. D.D
FinCEN Form 104 is a Currency Transaction Report (CTR) which must be filed by financial institutions to report any currency transactions that exceed $10,000 in a single business day. The report is used to detect and prevent money laundering, terrorist financing, and other financial crimes.
Out of the four transactions listed, the only one that exceeds the $10,000 threshold and requires completion of a CTR is option D, cashing a $14,000 check for a customer.
Option A, deposit of checks totaling $12,000 to a checking account, does not require completion of a CTR as the transaction does not involve currency (i.e., cash).
Option B, cash purchase of a cashier's check for $7,800, also does not require completion of a CTR, as the transaction is below the $10,000 threshold.
Option C, cash withdrawal of $3,000 from a checking account, also does not require completion of a CTR as it is below the $10,000 threshold.
In summary, the only transaction listed that requires completion of a CTR is option D, cashing a $14,000 check for a customer.
