Question

A money services associate determines he/she will not perform a money services transaction over the amount of $2,999.99 to avoid completing a CIF. This action is considered:

Acceptable in high volume locations
Acceptable because it costs labor dollars to complete and maintain required forms
Not acceptable because the customer might be upset
Not acceptable because this encourages structuring
A money services associate determines he/she will not perform a money services transaction over the amount of $2,999.99 to avoid
This action is considered

Answer 1

Refusing to perform a money services transaction to avoid a Currency Transaction Report (CTR) is considered not acceptable because it encourages structuring.

Step-by-step explanation:

The action of a money services associate refusing to perform a money services transaction over the amount of $2,999.99 to avoid completing a Currency Transaction Report (CTR) is considered not acceptable because it encourages structuring. Structuring refers to the act of purposely breaking down a large transaction into smaller ones to evade legal reporting requirements. This practice is illegal and can lead to serious legal consequences for both the customer and the associate.

Learn more about Money services and structuring