Compliance Question of the Week

Does a currency transaction report (CTR) need to be filed when you know a member is placing more than $10,000 in a safe deposit box?

No CTR needs to be filed. This is not a transaction which is defined as a deposit, withdrawal, exchange or other payment or transfer involving currency.

The other thing to remember is that cash in the safe deposit box is not insured by the National Credit Union Share Insurance Fund (NCUSIF).

Related Links
31 CFR 1010.100 (b)

 

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

Posted in Business Solutions, Compliance.