Glossary
CTR (currency transaction report)
A CTR is a routine report of cash transactions at or above a prescribed amount, filed with the FIC whether or not anything looks suspicious.
CTR (currency transaction report) explained
Unlike an STR, a currency transaction report is not about suspicion. It is a threshold report: whenever a customer deposits, withdraws or exchanges physical cash at or above the amount the regulator prescribes, the institution records and reports it. The purpose is to give the financial intelligence unit a picture of large cash movements across the economy.
Because CTRs are volume reports, accuracy and completeness matter more than judgement. The customer's identity details, the amount, the currency and the branch must be captured correctly at the counter and carried through to the filing without re-typing.
For example, a business that banks its takings in cash every Friday may generate a CTR each week; that is normal and expected, and does not by itself imply wrongdoing.
Why it matters in life insurance
The threshold and the reporting timetable are set by the FIC and may change, so institutions should confirm the current requirement with the regulator rather than rely on a fixed figure. CTRs are filed through goAML in the same way as STRs. ERMAML, the Ontech Risk & Compliance Suite, flags cash transactions that meet the configured threshold and prepares the CTR records from the transaction data.
Related terms
STR (suspicious transaction report) · goAML · FIC (Financial Intelligence Centre)