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Key Takeaways. A currency transaction report (CTR) is used to report to regulators any currency transaction that exceeds $10,000. The CTR is part of anti-money laundering efforts to ensure that the money isn't being used for illicit or regulated activities.

A bank must electronically file a Currency Transaction Report (CTR) for each transaction in currency1 (deposit, withdrawal, exchange of currency, or other payment or transfer) of more than $10,000 by, through, or to the bank.

For each payment order in the amount of $3,000 or more that a bank accepts as an originator's bank, the bank must obtain and retain the following records ( 31 CFR 1020.410(a)(1)(i)): Name and address of the originator. Amount of the payment order. Date of the payment order.

This means that even though CTRs increase the likelihood that you will be audited, having one on your file doesn't necessarily guarantee that the IRS will come knocking. However, the IRS said it would put more effort into using CTRs to catch tax evaders. If this happens, you can expect to be under greater scrutiny.

This means that even though CTRs increase the likelihood that you will be audited, having one on your file doesn't necessarily guarantee that the IRS will come knocking. However, the IRS said it would put more effort into using CTRs to catch tax evaders. If this happens, you can expect to be under greater scrutiny.

A CTR is a form used by banks or other financial institutions for any transaction greater than $10,000. The use of this form is mandatory in most cases whether the bank customer is withdrawing or depositing the funds. These CTRs are forwarded to federal regulators in their effort to combat money laundering.

A currency transaction report (CTR) is used by banks to report to regulators any currency transaction greater than $10,000. The CTR is part of anti-money laundering efforts that aim to ensure that the money isn't being used for illicit or regulated activities.

Structuring transactions to prevent a CTR from being reported can result in imprisonment for not more than five years and/or a fine of up to $250,000. If structuring involves more than $100,000 in a twelve month period or is performed while violating another law of the United States, the penalty is doubled.