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?
A.
File a SAR for $13,000
B.
File a CTR for the $6,000 cash deposit
C.
Aggregate the transactions and retain information about the purchase of the cashier's check
D.
Obtain the recordkeeping information for the purchase of the cashier's check and complete a CTR for the total cash-in transaction of $13,000
Under the Bank Secrecy Act (BSA), when a customer conducts multiple cash transactions within a single business day that total more than $10,000, the bank is required to file a Currency Transaction Report (CTR) for the aggregate amount. In this case, the individual made a $6,000 cash deposit into a checking account and bought a $7,000 cashier's check with cash, totaling $13,000. Therefore, the bank should obtain the necessary recordkeeping information for the purchase of the cashier's check and complete a CTR for the total cash-in transaction of $13,000.
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Cam22
4 months ago