Who is the bank reporting to when they file a Consumer Transaction Report and who normally has access to it?
The first issue is the terminology used. "Consumer Transaction Report" is not a common term and could mean a consumer report, as in a credit bureau report, or a CTR - a Currency Transaction Report.
As to credit reporting, banks select which credit bureaus they will subscribe to and they can access information from them, and report information to them. The Fair Credit Reporting Act (FCRA) dictates who may access credit reports and for what reasons. Within a bank, only those employees with a need to know should be accessing and reading credit reports. Illegal access is a punishable offense under the FCRA.
As to Currency Transaction Reports (CTRs), these are required by law when large currency transactions occur. The law applies to many more entities than banks. CTRs are sent to a central point managed by the IRS. The government controls access to this information. CTRs are used by law enforcement to help identify money laundering by drug dealers and terrorist financing, as two examples.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The first issue is the terminology used. "Consumer Transaction Report" is not a common term and could mean a consumer report, as in a credit bureau report, or a CTR - a Currency Transaction Report.