CTR when deposit legal cash money in US

[citytrader]

Hello to all, I'm no US citizen and no US resident but I have an account in a bank in US, I need to deposit USD 20000 in cash that comes from legal income, the people in US told me that they will fill a CTR, is there any issue with that or something I should be worried even if its legal money?

Thanks in advance!

 

[VESTANON]

Hello to all, I'm no US citizen and no US resident but I have an account in a bank in US, I need to deposit USD 20000 in cash that comes from legal income, the people in US told me that they will fill a CTR, is there any issue with that or something I should be worried even if its legal money?

Thanks in advance!

You could start with the name of the bank in the US precisely, possibilities a few members might have an experience as per the above.

more so banking in the US requires an SSN/resident status/or physical presence in the US...Atimes Having An LLC as well, lately its been near impossible to get banking with US LLC's and the likes.

 

[Golden Fleece]

Hello to all, I'm no US citizen and no US resident but I have an account in a bank in US, I need to deposit USD 20000 in cash that comes from legal income, the people in US told me that they will fill a CTR, is there any issue with that or something I should be worried even if its legal money?

Thanks in advance!

No, it has nothing to do with a particular bank. It is a federal reporting law that applies to all U.S. banks. A currency transaction report (CTR) is a bank form used in the U.S. to help prevent instances of money laundering. This form must be filled out by a bank representative who has a customer requesting to deposit or withdraw a currency transaction greater than $10,000. The bank is simply following the law and it is best to submit to the CTR without a fuss -- or else your transaction may be flagged with a SAR. There is no need to worry about a CTR if the money is legal.

If the bank employee suspects a transaction may be fraudulent, they can file a Suspicious Activity Report (SAR). If that is the case, then they will not tell you that they are doing this, and FinCEN may investigate the transaction independently.

 

[citytrader]

No, it has nothing to do with a particular bank. It is a federal reporting law that applies to all U.S. banks. A currency transaction report (CTR) is a bank form used in the U.S. to ...

Thanks for the info, the money is legal so at this point I'm fine