Question

An adviser opens a new account for a client. the client gives the adviser $20,000 in cash to open the account. the adviser:___.

Answer 1

An adviser opens a new account for a client. the client gives the adviser $20,000 in cash to open the account. the adviser must file a CTR report with FinCEN in 15 days.

A currency transaction report (CTR) is a bank form  which is used in the United States to help in preventing the  money laundering.

This form must be filled out by any bank representative whenever any customer attempts or tries to attempt a currency transaction of more than $10,000.

It is a part of the banking industry's anti-money laundering

responsibilities or we can say it a part of AML.

FinCen is the United states department of treasury.

To know more about CTR report here:

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