How many days does a credit union have to file a CTR after a transaction?

The correct answer is that a credit union has 15 days to file a Currency Transaction Report (CTR) after a reportable transaction. Under the Bank Secrecy Act, financial institutions, including credit unions, are required to report transactions involving more than $10,000 in cash. The 15-day timeframe is mandated to ensure timely reporting of significant cash transactions, which helps in monitoring and preventing money laundering and other illicit financial activities.

This reporting requirement is crucial for regulatory compliance, as it enables authorities to track the movement of large sums of cash that might relate to criminal activities. The 15-day deadline is a standard period that highlights the importance of rapid reporting while allowing institutions to gather necessary information about the transaction.

In contrast, filing within periods shorter than 15 days would not accommodate the need for adequate processing and due diligence that credit unions must perform before submitting a CTR. Moreover, longer timeframes, such as 30 days, would undermine the Act’s intent, which is to maintain vigilance against money laundering and related financial crimes. The 15-day requirement strikes a balance between operational practicality and regulatory compliance.