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Can you summarize 31 CFR 1010.306?
Reports Required To Be Made > Filing of reports.
Short Summary
This document, part of the Code of Federal Regulations, pertains to the filing of reports related to financial transactions and foreign financial accounts. Financial institutions are required to file reports within 15 days of the occurrence of a reportable transaction and retain copies of these reports for five years. Reports must be filed with the Financial Crimes Enforcement Network (FinCEN), unless otherwise specified. Additionally, reports related to currency or other monetary instruments entering or departing from the United States must be filed with Customs officers. The document also outlines the filing requirements for reports on foreign financial accounts exceeding $10,000, which must be submitted to FinCEN by June 30 of each year. The Secretary prescribes the forms to be used for these reports, and they can be obtained from the BSA E-Filing System, U.S. Customs and Border Protection, or FinCEN.
Whom does it apply to?
Financial institutions, Customs officers, and individuals entering or departing from the United States
What does it govern?
Filing of reports
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government