Currency Transaction Reports (CTR)

A Currency Transaction Report (CTR) is a document that banks and financial institutions must file with the government when a customer conducts cash transactions exceeding $10,000 in a single day. This requirement is part of anti-money laundering measures aimed at preventing illegal activities, like drug trafficking or tax evasion. The report includes details about the transaction, such as the amount, the parties involved, and the date. By monitoring these transactions, authorities can detect and investigate suspicious financial activity more effectively, helping to maintain the integrity of the financial system.