Compliance Question of the Week

If a member wants to purchase a cashier’s check for $9,975 with a service fee of $50 and pay in cash, is the credit union required to file a currency transaction report (CTR)?

Yes. The credit union must look at the amount of the physical deposit, withdrawal, exchange or transfer of currency. Here, the member is paying more than $10,000 in cash, even though the cashier’s check itself is for less than $10,000.

Related Links
31 CFR 1010.311

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

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