In Which of the Following Cases Is a Bank Obliged

question 48

Multiple Choice

In which of the following cases is a bank obliged to file a Currency Transaction Report (CTR) with the Internal Revenue Service?

• A)The bank receives instructions from a customer to certify an ordinary check worth $10,000 issued in a foreigner's name.
• B)The bank receives an ordinary check worth $13,000 payable to a customer's checking account.
• C)A customer deposits $20,000 through a cashier's check in his checking account.
• D)A customer issues stop-payment instructions on a check worth $15,000 issued to a payee.

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Definitions:

Unemployment Benefits

Financial payments made by the government to individuals who are unemployed and meet certain eligibility requirements.

Income Taxes

Taxes levied by governments on the income generated by individuals or entities, which vary according to the level of income earned.

Federal Budget Surpluses

Occurs when a government's income exceeds its spending during a particular fiscal year.

Market Globalization

The process of integration and interaction among different national markets, leading to a global marketplace with diminished trade barriers.