What is a Form 4789 used for?

The Financial Crimes Enforcement Network (FinCEN) has modified the Currency Transaction Report (CTR), IRS Form 4789, to facilitate the recording of the movement and exchange of foreign currency in excess of $10,000.

What is the difference between a Form 8300 and a CTR?

Form 8300 can be filed electronically with the Bank Secrecy Act or it can be filed by mailing in a hard copy to the Internal Revenue Service. Individuals and businesses alike must file a CTR when they receive one cash transaction that is $10,000 or more or related cash transactions that aggregate to $10,000 or more.

When filing a CTR you must verify ID?

Financial institutions must file a form 4789, Currency Transaction Report (CTR) on transactions in currency in excess of $ 10,000, and must verify and record information about the identity of the person(s) who conduct(s) the transaction in Part I of the CTR.

Why do criminals launder money?

Money laundering is the illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean.

Do banks report personal checks to IRS?

While the IRS typically doesn’t have the resources to care about private bank accounts, that doesn’t mean they can’t see them. The bank will report check deposits to the IRS.

Do banks report ACH transfers to the IRS?

ACH payments are not considered cash for the purpose of reporting on Form 8300.

Do banks report cashier’s checks to IRS?

Note that under a separate reporting requirement, banks and other financial institutions report cash purchases of cashier’s checks, treasurer’s checks and/or bank checks, bank drafts, traveler’s checks and money orders with a face value of more than $10,000 by filing currency transaction reports.

When must a bank file a CTR?

CTRs must be filed whenever a customer makes a currency transaction exceeding $10,000, or for multiple transactions if the sum exceeds $10,000 in one day.

What happens when a bank files a CTR?

A currency transaction report (CTR) is used to report to regulators any currency transaction that exceeds $10,000. The CTR is part of anti-money laundering efforts to ensure that the money is not being used for illicit or regulated activities.

How do I get a copy of my 4789 form?

The revised form can be ordered without charge by calling the IRS Forms Distribution Center at 1-800-829-3676. Follow the voice prompts and make your request by form number (IRS Form 4789). The revised form also is available on the Financial Crimes Enforcement Network’s Web site at www.treas.gov/fincen/forms.html.

What is IRS Form 4789 page3?

Form 4789 (Rev. 10-95) Page3 Paperwork Reduction Act Notice.— The requested information has been determined to be useful in criminal, tax, and regulatory investigations and proceedings. Financial institutions are required to provide the information under 31 U.S.C. 5313 and 31 CFR Part 103.

How do I amend a CTR on form 4789?

Staple a copy of the original CTR to the amended one, complete Part III fully and only those other entries which are being amended. Form 4789 (Rev. 10-95) Page4 Printed on recycled paper Items 15, 16, and 17. Individual(s) Name.— Complete these items if an individual conducts a transaction(s) on behalf of another person.

What is item 29 on a bank statement?

Item 29. Foreign Currency.— If foreign currency is involved, check Item 29 and identify the country. If multiple foreign currencies are involved, identify the country for which the largest amount is exchanged. Items 30-33.— Check the appropriate item(s) to identify the following type of transaction(s): Item 34. Deposits/Withdrawals.—