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ITG FAQ #3 Answer-What are the reporting requirements for a check casher?

The reporting requirements for a check casher are:

  • A single currency transaction, involving either cash-in or cash-out of over $10,000, must be reported on FinCEN CTR, Currency Transaction Report.
  • Multiple currency transactions must be aggregated and a FinCEN CTR, is required if the entity knows or has reason to know that multiple transactions are by, or on behalf of, any person and result in either cash-in or cash-out totaling more than $10,000 in one business day.
  • A CTR must be filed within 15 calendar days following the day the reportable transaction occurs.
  • All CTRs must be retained by the financial institution for five years.

 

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Page Last Reviewed or Updated: 03-May-2016