Currency Transaction Report (CTR)

A Currency Transaction Report (CTR) is a careful record filed by financial institutions with government authorities to document large cash transactions, typically those over $10,000. Its purpose is to help prevent money laundering, fraud, and other financial crimes by tracking significant cash movements. When someone deposits, withdraws, or transfers large sums of money, the bank reports these activities to government agencies, ensuring transparency and accountability in financial dealings. This process helps authorities monitor for suspicious activity and maintain the integrity of the financial system.