Regulatory Alerts2003-04-25
Added
Currency Transaction Reporting: Transactions between Money Transmitters and their Agents
FinCEN determines that neither a licensed money transmitter nor its agent is required to file a Currency Transaction Report for transfers of currency conducted within the scope of their agency relationship, including payments via armored car services or direct deposits into commercial bank accounts. This exemption applies provided the non-bank financial institution does not have knowledge that multiple currency transactions by or on behalf of one person exceed $10,000 in a single business day, in which case aggregated reporting is mandatory. The commercial bank receiving the funds remains responsible for filing the applicable CTRs.
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