Banks must file currency transaction reports for wire transfers greater than $10,000. If several wire transfers are processed for the same person, the bank must treat these as a single transaction, and must report the transfers if their sum exceeds $10,000. However, if these transactions are for multiple businesses owned by one person, the transactions aren't aggregated. This is because of the presumption that incorporated businesses are independent persons, so each business is treated separately. Phase I Exemptions.

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Even if a company doesn’t meet the criteria for Phase I exemptions, it might still be eligible for CTR exemptions. These companies include payroll customers and non-listed businesses. Eligible non-listed businesses include companies that conduct large dollar transaction with an exempt bank.

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Do You Have To File Ctr On Wires Youtube

Only the domestic operations of these companies qualify for exemption. Also, they must be U.S. Companies or registered to conduct business in the United States. Payroll customers are companies that withdraw money to pay U.S.

They also must be U.S.