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Can you summarize Assessing Compliance with BSA Regulatory Requirements > International Transportation of Currency or Monetary Instruments Reporting (2021)?
Assessing Compliance with BSA Regulatory Requirements > International Transportation of Currency or Monetary Instruments Reporting (2021)
Short Summary
This document outlines the regulatory requirements for banks and individuals regarding the reporting of international shipments of currency or monetary instruments. It states that any person, including banks, who physically transports, mails, or ships currency or monetary instruments in an aggregate amount exceeding $10,000 at one time out of or into the United States must file a Report of International Transportation of Currency or Monetary Instruments (CMIR). The CMIR must be filed at the time of entry into or departure from the United States. However, banks, foreign banks, or broker or dealer in securities are exempt from filing CMIRs for currency or monetary instruments mailed or shipped through the postal service or by common carrier. The document also highlights the importance of internal controls and compliance with CMIR requirements, and the need for ongoing monitoring and reporting obligations under the Bank Secrecy Act (BSA).
Whom does it apply to?
Banks and any person who physically transports, mails, or ships currency or monetary instruments in an aggregate amount exceeding $10,000 at one time out of or into the United States
What does it govern?
Regulatory requirements for the reporting of international shipments of currency or monetary instruments
What are exemptions?
Banks, foreign banks, or broker or dealer in securities are not required to file CMIRs for currency or monetary instruments mailed or shipped through the postal service or by common carrier
What are the Penalties?
Not specified
Jurisdiction
U.S. Federal Government