University of Maryland Extension

What is a Currency Transaction Report?

Paul Goeringer

Photo by Edwin Remsberg

This post should not be considered as legal advice.  This post originally appeared in the April 28th issue of the Delmarva Farmer.

           A Maryland dairy’s 2012 encounter with the U.S. Department of Justice (DOJ) has made the news again.  The dairy had run afoul of a Federal law designed for banks to report cash deposits over $10,000.  DOJ initially seized the dairy’s bank account containing $63,000.  Later, DOJ claimed that $295,220 of the dairy’s deposits had been in violation of this law.  As part of settlement agreement with DOJ, the government took 10 percent, or $29,500, of the tainted deposits.  Because of stories like this one, the DOJ recently announced changes to when Federal officials would be able to seize bank accounts running afoul of Federal laws related to filing currency transaction reports (CTRs).

To continue reading, click over to the Maryland Risk Management Education Blog.

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