Regulatory Alerts2011-10-17
Added
FinCEN Proposes Reporting Requirement of International Transport of Prepaid Access Products at U.S. Borders
FinCEN proposes to amend the definition of 'monetary instrument' in the Bank Secrec Act regulations to include tangible prepaid access devices for purposes of the international transport reporting requirement. This change would require individuals to file Form 105 when transporting prepaid access devices exceeding $10,000 across U.S. borders. The proposal seeks to address vulnerabilities related to the anonymous transfer of monetary value and potential smuggling of illicit funds.