Currency transaction report

[3] Contrary to popular misunderstanding, these reports do not apply to, and are not used for, non-currency transactions such as checks, nor for electronic transfers such as wire and ACH/EFT.

[4][5] When the first version of the CTR was introduced, the only way a suspicious transaction less than $10,000 was reported to the government was if a bank teller called law enforcement.

The Bank Secrecy Act requires financial institutions to report currency transaction amounts of over $10,000.

[6] When a transaction involving more than $10,000 in cash is processed, most banks have a system that automatically creates a CTR electronically.

A customer may decline to continue the transaction upon being informed about the CTR, but this would require the bank employee to file a SAR.