Mrs. Evans, a customer of First National Bank, deposits $15,000 in cash to her account. During the transaction, Mrs. Evans explains that she received the money in the mail from her sister in Europe. What responsibility does the bank have?
Mrs. Evans, a customer of First National Bank, deposits $15,000 in cash to her account. During the transaction, Mrs. Evans explains that she received the money in the mail from her sister in Europe. What responsibility does the bank have?
The bank must complete a Currency Transaction Report (CTR) for any cash transaction exceeding $10,000. Since Mrs. Evans is depositing $15,000 in cash, the bank is responsible for filing a CTR. The obligation to complete a United States Customs form 4790 (CMIR) would fall on the individual who transports the currency and monetary instruments physically into the United States, not the bank handling the deposit.
The bank should complete a Currency Transaction Report (CTR) for any cash transaction exceeding $10,000 and encourage Mrs. Evans to file a Currency and Monetary Instrument Report (CMIR) with the United States Customs and Border Protection (CBP) if she transported the currency into the United States from a foreign country.