The Federal Currency Reporting Law requires financial institutions and other entities to file a Currency Transaction Report (CTR)with the Internal Revenue Service (IRS)in the event of the detection of suspected criminal activity by bank customers involving a financial transaction of $1, 000 or more in funds.

Question

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This is the correct statement. The Federal Currency Reporting Law does require financial institutions and other entities to file a Currency Transaction Report (CTR) with the IRS if there is suspicion of criminal activity involving a financial transaction of $1,000 or more in funds.

The Federal Currency Reporting Law Requires Financial Institutions and Other