FinCEN requests comments on renewal of OMB control number for regulations requiring the reporting of International Transportation of Currency or Monetary Instruments

FinCEN requests comments on renewal of OMB control number for regulations requiring the reporting of International Transportation of Currency or Monetary Instruments

F.P. Report

WASHINGTON: On March 23, 2022, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control number assigned to existing Bank Secrecy Act regulations at 31 CFR 1010.340 and FinCEN Report 105 – Report of International Transportation of Currency or Monetary Instruments (CMIR). 

Specifically, the regulations require each person who physically transports, mails, or ships, or causes, or attempts to cause, to be physically transported, mailed or shipped, currency or other monetary instruments in an aggregate amount exceeding $10,000 at one time, from or into the United States, to file a CMIR. 

The regulations also require each person in the United States who receives at any one time currency or other monetary instruments exceeding $10,000 in the aggregate, which have been transported, mailed, or shipped to such person from any place outside the United States to file a CMIR, unless another participant in that transaction already filed a complete and accurate CMIR.

The notice is required to give the public an opportunity to comment on existing regulatory requirements and burden estimates. The notice requests feedback from industry on or before May 23, 2022. FinCEN encourages the public to review this notice and provide comment.

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