What must a financial institution do after receiving a cash deposit of $12,000?

When a financial institution receives a cash deposit of $12,000 or more, it is required to file a Currency Transaction Report (CTR) with the federal government. The purpose of the CTR is to help combat money laundering and other financial crimes by reporting large cash transactions to the Financial Crimes Enforcement Network (FinCEN). This requirement ensures that authorities are aware of significant cash movements that could potentially be linked to illegal activities.

The filing of the CTR is a critical part of compliance with the Bank Secrecy Act (BSA), which dictates how financial institutions monitor and report suspicious activities. By adhering to this regulation, financial institutions facilitate the government's ability to track money flows and identify patterns that may suggest money laundering or other financial crimes.