The letter recommends, among other things, that banks review their Currency Transaction Report filings to detect suspicious activity involving cash transactions conducted by their customers. The CTR, as the form is known, provides FinCEN with information on the amount and type of the transaction, the person or persons who conducted the transaction, and the person or persons who benefited from the transaction. In 1999, banks, money services businesses, securities broker-dealers, and other financial institutions filed more than 12 million CTRs. Customer makes frequent deposits or withdrawals of large amounts of currency for no apparent business reason, or for a business that generally does not generate large amounts of cash. Customer conducts several large cash transactions at different branches on the same day, or orchestrates persons to do so in his behalf.
Corporate account has deposits or withdrawals primarily in cash rather than checks.
Customer frequently deposits large sums of cash wrapped in currency straps stamped by other banks. Customer conducts an unusual number of foreign currency exchange transactions. Until next month, be alert.