The Currency Transaction System (CTS) provides financial institutions with an efficient means to:

• Maintain a chronological log of all customer purchases of negotiable instruments using currency in amounts of $3,000 to $10,000, inclusive. Negotiable instruments can include bank checks, cashiers checks, travelers checks, and money orders.
   
• Accumulate transaction information by customer to determine whether cash transactions by or on behalf of any individual exceeded $10,000 during any one business day, and therefore warrant the filing of a Currency Transaction Report (IRS Form 4789).

CTS Key Features

• Aggregate Information - CTS accumulates cash transactions by tax ID number on a daily basis to determine whether the institution must file Form 4789 with the IRS or log the activity.
   
• Tracks Suspicious Activity - Cash deposit or withdrawal activity that appears suspicious can be identified and traced.
   
• Tracks Account Exemptions - An Exemption File can be established to identify customers that are exempt from IRS Form 4789 filing requirements for a designated period.
   
• On-Line Entry of Currency Transactions, Reportable on Form 4789 - All IRS Form 4789 information is entered on-line, eliminating the time-consuming process of manual entry.
   
• Reporting by Magnetic Media - CTS reports all IRS data on magnetic media, reducing document preparation and storage costs.
   
• Corrections to Returned IRS Magnetic Media - Data modifications are entered easily on-line, and the magnetic media refiled with the IRS.
   
• On-Line Entry of Negotiable Instrument Purchases - Negotiable instrument purchase information is entered on-line.
   
• Automatic Service Charge - Automatic service charges can be assessed to cover the costs of cash reporting or to generate income.
   
• Reporting - CTS generates multiple reports to document transaction activity, suspects, exemptions, proof interface activity, and much more.