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Treasury Regulates International Transactions and Recordkeeping Requirements
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has implemented various regulations and reporting requirements for financial institutions to combat money laundering and terrorist financing.
Reporting Requirements
According to FinCEN regulations, financial institutions are required to report international transactions involving physical transport, mailing or shipping of currency or monetary instruments greater than $10,000 at one time out of or into the U.S. This information must be submitted on Form 105 within 15 days of the transaction.
Additionally, financial institutions are required to report foreign bank accounts annually if the aggregate value of the accounts exceeds $10,000 at any point during the calendar year. The report must be filed by June 30 of the succeeding calendar year using Form TD F 90-22.1.
Prohibitions
FinCEN also prohibits financial institutions from issuing or selling monetary instruments purchased with cash in amounts of $3,000 to $10,000, inclusive, unless they obtain and record certain identifying information on the purchaser and specific transaction information.
SAR Information/Verification Requests
Examiners are requested to e-mail or fax SAR information/verification requests to their Regional SACM or other designee. Please include all relevant information, including:
- A detailed description of the suspicious activity
- The date and time of the transaction
- The parties involved
- Any relevant documentation
Contact Information
Regional SACMs can be contacted at [insert contact information].
Resources
For more information on FinCEN regulations and reporting requirements, please visit the FinCEN website at [insert website URL].
Forms
Form 105
Submit international transactions involving physical transport, mailing or shipping of currency or monetary instruments greater than $10,000.
Form TD F 90-22.1
Annual report for foreign bank accounts exceeding $10,000 in value during the calendar year.