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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.
Page Last Reviewed or Updated: 03-May-2016