The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

A currency transaction report (CTR) is a report that U.S. financial institutions are required to file with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000. Multiple currency transactions must be aggregated, and a CTR is required, if the financial institution knows or has reason to know that the multiple transactions are by or on behalf of any person and result in either cash-in or cash-out totaling more than $10,000 in one business day.

Yes. This is a requirement of FinCEN, and all banks are required to comply with the regulation.

We are committed to protecting your personal information and complying with laws and regulations Federal law requires us to report currency (cash or coin) transactions conducted by, or on behalf of, one person, that aggregate to be over $10,000 in a single day. To comply with this law, U.S. Bank must obtain personal information about any individual requesting (conducting) cash transactions.

You must provide your full name, physical address (where you reside), date of birth, occupation, Taxpayer Identification Number (TIN), and government issued photo identification.

We respect your privacy and safeguard your information. We use security measures that comply with federal laws to protect your personal information from unauthorized access and use. We will not use your information for marketing purposes or share it with third parties.

U.S. citizens are required to obtain a Taxpayer Identification Number [e.g. Social Security Number (SSN)]. Please refer to the www.irs.gov for details on who is required to obtain a Taxpayer Identification Number (TIN) and how to apply for it. If you are not required to obtain a TIN, we may still be able to process your transactions. Please visit your local branch for assistance.

You will be required to provide a valid government issued photo identification such as a driver’s license, state ID, passport, or military ID. Contact your local branch if you have additional questions regarding required forms of identification.

Protecting your privacy and security is our top priority. You should come into the branch or provide the required information in writing. After we collect the confidential information you may request that we return the written information to you or have us securely destroy it for you.

Because of the enhanced level of protection, we require that you provide your personal information prior to or at the time we process your cash transaction. You will need to either wait or return once you have the necessary information.

We cannot process your cash transaction without this information. Federal law requires us to report currency (cash or coin) transactions conducted by, or on behalf of, one person, that aggregate to be over $10,000 in a single day. To comply with this law, U.S. Bank must obtain personal information about any individual conducting cash transactions.

The first time we collect your personal information we will retain it within a secure system so that on future visits we won’t have to collect it again. However, in general you may be required to provide your government issued photo identification and we will need to update your personal information if it has changed.

At this time we are only required to collect certain pieces of personal information when you request a transaction that involves cash. There may be other times where we must collect your personal information and we will let you know what is needed. For example, depending on the type of transaction you may be required to provide photo identification as a way of verifying your identity.

No. Breaking up transactions into smaller amounts is called “structuring.” Federal law makes it a crime to break up transactions into smaller amounts for the purpose of evading reporting requirements.

We will need to collect personal information from each person who presents cash transactions on behalf of your business.

Regardless of the method by which you present cash deposits we are required to comply with federal requirements for currency transaction reporting. The method by which we receive your deposit determines what information we must collect; however, it does not exempt our reporting requirements    

Generally if your business has received an approved exemption we will not need to collect information from those presenting transactions on your behalf. However, if the exemption expires or is otherwise revoked we must collect personal information from anyone presenting cash transactions on your behalf. Details on Currency Transaction Reporting Exemptions for businesses can be found on the FinCEN website at www.fincen.gov. Your local branch or relationship manager can assist you with applying for an exemption if you qualify.