Currency Transaction Report (CTR)

A Currency Transaction Report is a filing a financial institution makes with FinCEN for cash transactions totaling more than $10,000 by or for one person in a business day. It is routine and does not suggest wrongdoing.

What a CTR is

A Currency Transaction Report (CTR) is a report a financial institution files with FinCEN for each cash transaction, or set of related cash transactions, totaling more than $10,000 by or for one person in a single business day. Deposits and withdrawals both count. CTRs are required by the Bank Secrecy Act and are generally filed within 15 days.

Why CTRs matter for cannabis businesses

Many cannabis businesses handle large amounts of cash, so their banks may file CTRs often. A CTR is a routine report. It is not an accusation and does not mean anything is wrong.

Structuring is illegal

Breaking cash deposits into smaller amounts to avoid a CTR is called structuring. It is a federal crime even when the money comes from a legal business. Deposit cash as your business normally receives it, and let your bank handle the reporting.

What operators can do

Make regular, predictable deposits that match your sales records.
Use armored transport or smart safes to move cash on a set schedule.
Keep point-of-sale reports that support each deposit.

How Safe Harbor helps

Safe Harbor's cash management and treasury services help operators deposit cash on a consistent schedule with records that support required reporting.