Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR?
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A. B. C. D.B
The Currency Transaction Report (CTR) is a form required by the Financial Crimes Enforcement Network (FinCEN) that financial institutions must file to report any currency transactions that exceed $10,000. As part of this process, financial institutions must verify the identity of the individual conducting the transaction.
To answer the question, we need to determine which of the forms of identification listed is not considered acceptable for verifying an individual's identity when completing a CTR.
A. U.S. passport: A U.S. passport is generally considered an acceptable form of identification for verifying an individual's identity when completing a CTR. Passports are issued by the U.S. Department of State and are considered to be a reliable form of identification since they require extensive documentation and verification of an individual's identity.
B. Long-term deposit account relationship: While a long-term deposit account relationship alone is not considered an acceptable form of identification, it can be used in conjunction with another form of identification. For example, a bank may use a long-term deposit account relationship to help verify an individual's identity when they present a driver's license.
C. State-issued photo identification (e.g., driver's license): A state-issued photo identification, such as a driver's license, is considered an acceptable form of identification for verifying an individual's identity when completing a CTR. State-issued photo identifications are commonly used for this purpose because they are government-issued, contain a photograph of the individual, and have security features to prevent counterfeiting.
D. Photo identification card issued by a local government agency: A photo identification card issued by a local government agency, such as a municipal identification card, is also considered an acceptable form of identification for verifying an individual's identity when completing a CTR. Like state-issued photo identifications, these cards are government-issued, contain a photograph of the individual, and have security features to prevent counterfeiting.
Therefore, the correct answer to the question is that there is no option that is not considered an acceptable form of identification for verifying an individual's identity when completing a CTR.