When must a bank file a currency transaction report under the Bank Secrecy Act?
A financial institution must file a currency transaction report for each deposit, withdrawal, exchange, or other payment or transfer in currency of more than $10,000.
The answer
The reporting trigger
31 CFR 1010.311 requires each financial institution to file a report of each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the institution which involves a transaction in currency of more than $10,000.
The statutory hook
The regulation implements the Bank Secrecy Act's currency reporting authority. 31 U.S.C. 5313 directs the Secretary to require reports when a financial institution is involved in a transaction in currency above the prescribed amount.
The judged input
What the AI drafted
Submitted to the judgeThis is an excerpt from a draft BSA/AML compliance memo — the kind of work product a lawyer generates with a legal-AI drafting tool, then has to stand behind. Kingsfield does not write it; it rules on the citations the model put in it. This draft cites three authorities; one of them is wrong.
The judge ruled on every citation as the draft used it — it accepted 31 CFR 1010.311 and 31 U.S.C. § 5313 and rejected 31 CFR 1020.320. Here is why.
The verdict
How Kingsfield ruled
Ruled 2026-06-23Each citation in the draft above was submitted to the Kingsfield judge and ruled against the primary-law corpus — Accept, Reject, or Inconclusive, per citation. These are live verdicts, not editorial. Each card shows the claim the draft made and the verbatim authority the verdict was rendered against.
The draft claimed: Each financial institution must file a report of each transaction in currency of more than $10,000 (each deposit, withdrawal, exchange of currency, or other payment or transfer by, through, or to the institution).
“Each financial institution other than a casino shall file a report of each deposit, withdrawal, exchange of currency or other payment or transfer, by, through, or to such financial institution which involves a transaction in currency of more than $10,000, except as otherwise provided in this section. In the case of the U.S. Postal Service”
Cite found; proposition supported by the cited text.
The draft claimed: When a domestic financial institution is involved in a transaction in currency above an amount the Secretary prescribes, the institution and any participant must file a report as the Secretary prescribes.
“§ 5313 A person (except a domestic financial institution designated under subsection (b) of this section) required to file a report under this section shall file the report—”
Cite found; proposition supported by the cited text.
The draft claimed: Section 1020.320 sets the $10,000 currency transaction reporting threshold requiring a CTR for each cash deposit or withdrawal over that amount.
Cite found, but the cited text does not support the claim. 31 CFR 1020.320 is the suspicious activity report (SAR) rule for banks, triggered by suspicious transactions at or above $5,000, not the $10,000 currency-transaction reporting duty; the CTR requirement is at 31 CFR 1010.311. Regenerate with the correct authority.
Run your own work through the judge
Kingsfield rules on every citation, quote, and proposition your AI produces, against the primary law we cover. Accept, Reject, or Inconclusive, per citation, with a signed Audit Capsule.
Connect the Judge See the architectureThis page is legal information, not legal advice, and does not create an attorney-client relationship. The draft shown is an illustration of a typical AI answer; verdicts reflect the cited authority in the Kingsfield corpus as of the ruling date shown above.