Regulatory Alerts1988-06-22
Added · Updated
FIN-1988-R002 (Formerly 88-2)
Banks are not required to file a Currency Movement Information Report (CMIR) on behalf of a customer depositing or withdrawing currency or monetary instruments exceeding $10,000, even if the bank knows the funds were transported from or to a place outside the United States. This ruling supersedes a previous Treasury interpretation that mandated banks to file Form 4790 in such cases. Banks must still file a Currency Transaction Report (CTR) for deposits over $10,000 and are strongly encouraged to inform customers of CMIR requirements. If a bank knows a customer is disregarding CMIR requirements or if the transaction is suspicious, the bank should notify the local U.S. Customs Service office.
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