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Reports on Domestic Financial Transactions
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Section 5313 of Title 31 (with applicable regulations at 31 C.F.R.
§ 103.22), requires domestic financial institutions to report currency
transactions which involve the payment, receipt, or transfer of United
States
coins or currency (or other monetary instruments as the Secretary of the
Treasury
may prescribe) in the amount of $10,000 or more. The report must be made on
IRS
Form 4789, commonly called a Currency Transaction Report (CTR), which is to
be
filed with the Internal Revenue Service within fifteen days following the
day a
reportable currency transaction occurs. Multiple cash transactions of under
$10,000 apiece which occur in one day at one financial institution and
aggregate
over $10,000 must likewise be reported. It is important that prosecutors,
in
considering a CTR-related prosecution or forfeiture, consult the
implementing
regulations in effect during the period that the violations under
consideration
occurred.
[cited in USAM 9-79.200] | |