Questions and Answers
We recently discovered a situation where we should have filed a CTR but didn’t. The date for filing has passed, should we still submit a CTR even though it will be late?
We believe the prudent course is to file the currency transaction report immediately, even though the date for timely filing has passed. While doing so will risk calling attention to your failure to file in a timely manner, not doing so will risk being guilty of a continuing intentional violation. The regulators may well be forgiving of a timeliness violation if you file as soon as you discover the transaction. They are not likely to be nearly as forgiving of a continuing intentional violation. Moreover, the potential civil penalties for intentional violations are much more severe than those for mere negligent violations. Furthermore there are criminal penalties for intentional violations and none for unintentional violations.
(Posted: 01/31/2008)
