Regulatory Alerts2004-06-30
Added
Proper Completion of FinCEN Form 104 When Reporting Currency Exchanges
FinCEN clarifies that financial institutions must report the value and country of foreign currency on FinCEN Form 104 only if the exchange amount, alone or aggregated with other transactions, meets the $10,000 reporting threshold under 31 CFR §103.22. If the threshold is not exceeded, institutions must leave items 26a, 27a, and 29 blank regarding the foreign currency value and country. Regardless of the threshold, institutions must mark the 'Currency Exchange(s)' box in item 33 and disclose affected deposit or withdrawal details in items 34 and 35.
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