Currency Transaction Report (CTR) Reference Guide

Purpose of This Guide

This guide explains the Currency Transaction Report (CTR) and why Texas Money Exchange collects identification on certain transactions. It is intended as plain-language reference information for our customers and does not modify any legal or regulatory requirement.

What a CTR Is

A Currency Transaction Report (CTR) is a regulatory report filed by financial institutions, including money services businesses, with the Financial Crimes Enforcement Network (FinCEN). The legal basis is 31 C.F.R. Section 1010.311 (currency transaction reports) and the broader Bank Secrecy Act framework. CTRs apply across the U.S. financial system and are not unique to TME.

When a CTR Is Filed

A CTR is filed when a customer conducts one or more currency (cash) transactions that, in aggregate, exceed ten thousand U.S. dollars ($10,000) in a single business day. The threshold applies to cash in and cash out separately, and aggregation rules apply to related transactions conducted by or on behalf of the same person on the same business day.

Why TME Collects Identification at the Threshold

To prepare a CTR accurately, TME is required to collect and verify identifying information about the customer conducting the transaction and, where applicable, the person on whose behalf the transaction is conducted. This is why our staff requests valid government-issued identification on cash transactions at or above the threshold, and why we may ask follow-up questions about source of funds and intended use. The request is regulatory, not optional, and is applied uniformly to every customer in the same situation.

What Information Is Reported

A CTR captures customer identifying information (name, address, date of birth, government identification number), transaction details (amount, currency, date, branch), and information about TME as the filing institution. CTRs are submitted electronically to FinCEN through the BSA E-Filing System and are not shared with the general public.

A CTR Is Not a Tax Assessment

A CTR is a regulatory reporting filing. It is not a tax assessment. It does not change the customer's tax liability and is not generated by the Internal Revenue Service. TME does not withhold or remit tax in connection with currency exchange transactions. Customers with questions about the tax treatment of their own transactions should consult a qualified tax professional.

Privacy and Recordkeeping

Information collected to prepare a CTR is handled in accordance with TME's Privacy Notice (Section 8.2) and the recordkeeping obligations applicable to money services businesses under 31 C.F.R. Part 1022. Records are retained for the period required by law and are accessible to regulators and law enforcement as authorized by applicable legal process.

If You Have Questions

If you have questions about identification requirements or about a transaction conducted at a TME branch, contact the branch where the transaction occurred or the corporate office through the Contact page. The website does not initiate transactions and does not collect transaction identification information.