Compliance Question of the Week
February 27, 2012
February 28, 2012
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.
31 CFR 1010.311
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.