Currency Transaction Reports: Banking Uses and Triggers.

Currency Transaction Report (CTR): Use in Banking and Triggers When should a currency transaction report CTR be filed? A currency transaction report (CTR) is a type of financial record that must be filed with the US Department of the Treasury by any person or business who conducts a currency transaction (including cash) of more than $10,000.

There are a few exceptions to this rule, such as transactions conducted entirely in foreign currency, or transactions that are part of a larger series of transactions that total less than $10,000 over a period of time.

The CTR must be filed within 15 days of the date of the transaction, and must include information such as the name and address of the person or business conducting the transaction, the amount of currency involved, and the type of transaction. What triggers the filing of a CTR? The filing of a CTR is triggered when a financial institution reports a transaction to the federal government that it believes is suspicious. The report must be made within 30 days of the transaction taking place. How is currency defined in a currency transaction report CTR? Currency is defined in a currency transaction report (CTR) as the legal tender of a country. This includes paper money and coins that are used as official methods of payment in a nation.