A currency transaction report is required for cash deposits of [tex]$10,000 or more, not exactly $[/tex]10,000, to monitor suspicious activities and ensure compliance with the law.
False. A currency transaction report is required to be filed whenever a cash deposit of [tex]$10,000 or more is made, not exactly $[/tex]10,000. This report is mandated by the Bank Secrecy Act to help prevent money laundering and other financial crimes.
The report is filed with the Financial Crimes Enforcement Network (FinCEN) by financial institutions to monitor potentially suspicious activities, such as large cash transactions, and to ensure compliance with the law.
For instance, if a customer deposits [tex]$11,000 in cash in a bank account, a currency transaction report should be filed due to the deposit exceeding the $[/tex]10,000 threshold.
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