SPECIFIED AMOUNT R 24, 999 OR MORE
PENALTY – IMPRISONMENT FOR A PERIOD NOT EXCEEDING 15 YEARS OR TO A FINE NOT EXCEEDING R100 000 000.
REPORTING PERIOD – 24 hours / 2 (TWO) days
You must submit cash threshold transaction reports (CTR) for transfers of R 24 999 or more in cash (or the foreign currency equivalent). CTRs must be filed for physical cash received as well as cash paid into the Reporting/Accountable Institutions bank account. CTR includes amounts where a series of payments from the same party is received within 24 hours, if added together, amounts to more than R24 999-99. CTRs are due as soon as possible but no later than 2 (two) days after a person, has become aware of a cash transaction or series of cash transactions that has exceeded the prescribed threshold
Where cash is paid into the bank account of the business
The Bank as well as the institution must sent a report of such transaction to the Centre
Where foreign currency forms part of a cash transaction
The advisor/broker must apply the exchange rate in effect for the business day of the transaction to calculate the amount in ZAR.
The threshold amount can be a single cash transaction to the value of R24 999 or an aggregation, where multiples of smaller amounts would add to the threshold amount of R24 999.
The Centre recommends that a period of at least 24 hours be applied when considering aggregation.
The calculation of aggregated transactions is either a withdrawal (payments) or a deposit (receipts).
In terms of section 28, a report must be sent to the centre asap but not later than 2 business days after the entity becomes aware that a cash transaction exceeds the prescribed limit.
(Regulation 24(4) of the Money Laundering and Terrorist Financing Control Regulations, 2002, as amended (the Regulations), which came into operation on 01 December 2010)
This video will show you in details how to submit a Cash Threshold Report (CTR) and Cash Threshold Report Aggregation (CTRA)