An individual comes into the bank and makes a $6,000 cash deposit into a checking account. At the same time, the individual buys a $7,000 cashier's check with cash. According to the Bank Secrecy Act, what is the bank is required to do?

Question

Quizplus · Accepted Answer

The bank is required to obtain recordkeeping information for the purchase of the cashier's check and complete a CTR for the total cash-in transaction of $13,000. The Bank Secrecy Act requires banks to file CTRs for currency transactions exceeding $10,000, and in this case, the total cash-in transaction amounts to $13,000. Additionally, the bank must obtain recordkeeping information for the purchase of the cashier's check, as this type of transaction is often used to evade the reporting requirements of the BSA. Filing a SAR or aggregating the transactions is not necessary in this scenario.

An Individual Comes into the Bank and Makes a $6,000