A Currency Transaction Report ("CTR") must be filed for every deposit, withdrawal, exchange of currency or other payment or transfer by, through, or to a financial institution that involves a transaction or transactions
in currency of more than $10,000 when a financial institution knows that the transaction(s) are by or on behalf of any person during one business day
. See 31 CFR 103.22. For purposes of the CTR requirement, a “transaction in currency” means a transaction involving the physical transfer of cash from one person to another. See 31 CFR 103.11(ii). Thus, if a financial institution cashes a check with a face value of over $10,000 by providing the customer with $9,000 in cash and the remainder in monetary instruments (because, for example, a customer would like to pay bills with money orders), the financial institution would not be required to file a CTR, because the physical transfer of currency to the customer was under $10,000.