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Can you summarize 31 CFR 1010.340?
Reports Required To Be Made > Reports of transportation of currency or monetary instruments.
Short Summary
This regulation, found in the Code of Federal Regulations, requires individuals who physically transport, mail, or ship currency or other monetary instruments exceeding $10,000 at one time from or into the United States to make a report. The regulation also mandates that individuals receiving currency or monetary instruments exceeding $10,000 at one time from outside the United States, without a previously filed report, must make a report stating the amount, date of receipt, form of monetary instruments, and the person from whom received. There are exemptions for certain entities such as the Federal Reserve, banks, foreign banks, brokers or dealers in securities, and common carriers. Additionally, non-citizens or non-residents of the United States, common carriers of passengers, common carriers of goods, travelers’ check issuers, persons with restrictively endorsed traveler’s checks, and persons engaged in the business of transporting currency or monetary instruments between established offices of banks or brokers or dealers in securities and foreign persons are also exempt from reporting requirements. The regulation does not apply to transfers of funds through normal banking procedures that do not involve the physical transportation of currency or monetary instruments.
Whom does it apply to?
Persons who physically transport, mail, or ship currency or other monetary instruments from or into the United States
What does it govern?
Reports of transportation of currency or monetary instruments
What are exemptions?
1. Federal Reserve 2. Banks, foreign banks, or brokers or dealers in securities for currency or monetary instruments mailed or shipped through the postal service or by common carrier 3. Commercial banks or trust companies with respect to overland shipments of currency or monetary instruments to or from established customers 4. Non-citizens or non-residents of the United States for currency or monetary instruments mailed or shipped from abroad to a bank or broker or dealer in securities 5. Common carriers of passengers for currency or monetary instruments in the possession of passengers 6. Common carriers of goods for shipments of currency or monetary instruments not declared as such by the shipper 7. Travelers' check issuers or their agents for the transportation of travelers' checks prior to their delivery to selling agents 8. Persons with respect to restrictively endorsed traveler's checks in the collection and reconciliation process after negotiation 9. Persons engaged in the business of transporting currency, monetary instruments, and other commercial papers between established offices of banks or brokers or dealers in securities and foreign persons
What are the Penalties?
Not specified
Jurisdiction
U.S. Federal Government