A Currency Transaction Report (CTR) is a form filed by financial institutions with the Financial Crimes Enforcement Network (FinCEN) to report cash transactions exceeding $10,000 in a single business day. This requirement is part of the Bank Secrecy Act (BSA), designed to help detect and prevent money laundering, tax evasion, and other financial crimes, safeguarding the financial industry.

How CTRs Relate to Whistleblowing:

Whistleblowers can play a crucial role in identifying and reporting potential financial crimes related to CTRs. Here’s how:

• Identifying Suspicious Activity: Whistleblowers working in financial institutions may notice unusual patterns in CTR filings, such as frequent large cash transactions with no apparent legitimate source of income.
• Reporting Violations: Whistleblowers can report suspected violations of CTR reporting requirements to regulatory authorities, such as FinCEN or the IRS.
• Protecting the Financial System: By exposing suspicious activity, whistleblowers can help protect the integrity of the financial system and prevent money laundering.