In the context of BSA/AML compliance, what does CTR stand for?

The correct answer is "Currency Transaction Report." In the realm of Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance, a Currency Transaction Report is a form that financial institutions are required to file with the Financial Crimes Enforcement Network (FinCEN) for transactions that involve cash amounts exceeding $10,000 in a single day. The purpose of this report is to help detect and prevent money laundering and other financial crimes by providing a clear record of large cash transactions.

This requirement is essential for institutions as it enhances the government’s ability to track and monitor financial activities that may be associated with illicit conduct. Financial institutions must maintain stringent records and comply with reporting obligations under BSA regulations to mitigate risks and ensure transparency in financial operations.