BSA FAQs 13b - Would a CTR be required if several individual employees endorsed their respective payroll checks and made the checks payable to one employee who cashed them for the purpose of distributing the proceeds back to the individual employees?

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Q:  Would a CTR be required if several individual employees endorsed their respective payroll checks (all individual payroll checks are under $10,000 but combined they aggregate to an amount that exceeds $10,000), and made the checks payable to one employee who, in turn, cashed them at a financial institution for the purpose of distributing the proceeds back to the individual employees?
 
A: A CTR would be required in this instance because one person is receiving more than $10,000 in currency.(10/2001)
 
 
ADDITIONAL INFORMATION:
This FAQ was obtained from FinCEN’s website, in the section for Answers to Frequently Asked BSA Questions, which may be found here: 

https://www.fincen.gov/answers-frequently-asked-bank-secrecy-act-bsa-questions

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