Currency Transaction Report for a Joint Account

Question: 

 

How do you complete Part I of a CTR for deposits into a joint account?

 

Answer:

 

When a deposit is made into a joint account, it is presumed to be made on the behalf of all account holders because they all have access to the funds.  So, multiple Part I’s are required.
For example, if John & Jane Doe are joint account holders and John Doe made a $12,000 deposit into the account, you would complete two Part I’s.  One on John Doe, marking item 2a “Person conducting transaction on own behalf” and entering $12,000 and the account number in item 21 Cash In.  Then, you would need another Part I on Jane Doe, but marking 2c “Person on whose behalf transaction was conducted” and entering $12,000 and the account number in item 21 Cash In. (If both John Doe and Jane Doe each made deposits, you would mark 2a “Person conducting transaction on own behalf” in each of their respective Part I’s).

 

Join us for the CTRs, Exemptions & Monetary Instruments Webinar on July 23, 2019. We will answer all the questions submitted during the live webinar, in writing.

Published
2019/06/25
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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