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Deposit or withdraw a large sum of money in excess of $10,000.00 cash with a financial institution and by law, they will have to file a Currency Transaction Report (CTR) with the Internal Revenue Service (IRS). Introduced in 1970 as part of the Bank Secrecy Act, it is designed to prevent and detect money laundering and other criminal activity. This law strictly applies to cash transactions only and not negotiable instruments of monetary value like checks or money orders.

About the Law

Federal law requires all financial institutions to report all cash transactions that exceed the threshold of $10,000.00, as well as multiple cash transactions that add up to exceed the $10,000.00 limit in a single day. The federal law requires these reports to safeguard the financial industry from threats posed by money laundering and other financial crimes. To comply with this law, financial institutions must obtain personal identification information about the individual conducting the transaction such as a social security number as well as a driver’s license or other government issued ID. This requirement applies whether the individual conducting the transaction has an account relationship with the financial institution or not.

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