Regulatory Alerts2008-01-25
Added
Reporting of Certain Currency Transactions for Sole Proprietorships and Legal Entities Operating Under a Doing Business As Name
The Financial Crimes Enforcement Network clarifies that financial institutions must complete only one section A on currency transaction reports for sole proprietorships, including the owner's name, Social Security number, and the DBA name. This ruling replaces FIN-2006-R003 and similarly requires a single section A for legal entities operating under a DBA name, containing the entity's name, Employer Identification Number, address, and business activity. While the new standard mandates one section A, the agency will continue to accept filings with two section As for both entity types to accommodate existing institutional practices.
Topics
Share