How often must a financial institution file a CTR after a transaction?

A financial institution is required to file a Currency Transaction Report (CTR) within 15 days of a transaction that involves cash transactions exceeding $10,000. This timeframe is established to ensure timely reporting of significant cash activities that could be indicative of money laundering or other illegal financial activities.

Adhering to this requirement within the specified 15-day window allows regulatory authorities to monitor large-scale cash transactions effectively and assess potential risks associated with them. Timely reporting is a critical aspect of compliance with the Bank Secrecy Act (BSA), which seeks to promote transparency in financial transactions and help combat financial crimes.

In summary, the requirement to file a CTR within 15 days reflects the regulatory emphasis on timely reporting to enhance oversight and facilitate investigations into potentially illicit activities.