Within how many days must a CTR be filed after the day of the transaction?

Within how many days must a CTR be filed after the day of the transaction?

• A. 10 days
• B. 15 days
• C. 30 days
• D. 5 days

Answer: (B)

The requirement for filing a Currency Transaction Report (CTR) is that it must be submitted to the Financial Crimes Enforcement Network (FinCEN) within 15 days after the date of the reportable transaction. This timeframe is established to ensure that suspicious activities are reported in a timely manner, facilitating appropriate investigations and actions by regulatory bodies. The 15-day requirement emphasizes the importance of prompt reporting in maintaining compliance with the Bank Secrecy Act (BSA) and enables law enforcement agencies to quickly act on relevant information regarding potential money laundering or other financial crimes.

The requirement for filing a Currency Transaction Report (CTR) is that it must be submitted to the Financial Crimes Enforcement Network (FinCEN) within 15 days after the date of the reportable transaction. This timeframe is established to ensure that suspicious activities are reported in a timely manner, facilitating appropriate investigations and actions by regulatory bodies. The 15-day requirement emphasizes the importance of prompt reporting in maintaining compliance with the Bank Secrecy Act (BSA) and enables law enforcement agencies to quickly act on relevant information regarding potential money laundering or other financial crimes.