What to do when a currency transaction is conducted on behalf of someone other than the person conducting the transaction

Suppose a person has an account at Bank A. The person goes to Bank B, which is a subsidiary of the holding company that also owns Bank A, and makes a cash deposit of $12,000, to be deposited in his account at Bank A. Which bank should file the CTR?

According to FinCEN (Ruling 2001-1, July 26, 2001), the rule requires both banks to file the CTR. FinCEN added, however, that it would require that only one bank do so, as long as the CTR was completed in a particular way. Furthermore, neither bank is allowed to assume that the other bank sent the form. The bank must know “for a fact” that the other has sent the form in order to be excused from its own obligation.

If Bank A fills out and sends the CTR, the bank should fill out Part III with its own information. (Part III asks for information about the financial institution where the transaction took place—name, address, etc.) The accounts affected by the deposit should be listed below Box 35 [“Account Number(s) Affected (if any):”] and the phrase “Affiliate Transaction(s)” should be written in below Box 36 [“Other (specify):”].

If Bank B fills out and sends the CTR, then Bank B should fill out Part III of the CTR form with its own information. The accounts affected by the deposit (even if those accounts are not held at Bank B) should be listed below Box 35 and the phrase “Affiliate Transaction(s)” should be written in below Box 36.