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A customer deposited over $10,000 in cash into his bank account, which was obtained from a sale of heavy equipment. Is there a form the bank has to file?

April 26, 2017bank account cash customer deposited equipment form heavy obtained sale

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A customer deposited over $10,000 in cash into his bank account, which was obtained from a sale of heavy equipment. Is there a form the bank has to file?

2 Answers

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The law requires the financial institution that receives a deposit of more than $10,000 to submit a Currency Transaction Report (CTR) to the Treasury. The fact that this was a result of a sale of heavy equipment has no bearing.

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The law requires the financial institution that receives a deposit of more than $10,000 to submit a Currency Transaction Report to the Treasury. The fact that this was a result of a sale of heavy equipment has no bearing.