ITG FAQ #2 Answer-What are the reporting requirements for a money transmitter?


FinCEN CTR, Currency Transaction Report, must be filed electronically for all currency transactions of more than $10,000 (31 CFR 1010.311). Currency received from the sender or paid to the receiver can cause the reporting requirement.

Multiple currency transactions must be aggregated, and a CTR is required, if the business knows or has reason to know that the multiple transactions are by or on behalf of any person and result in either cash-in or cash-out totaling more than $10,000 in one business day (31 CFR 1010.313(b)).

The CTR must be filed within 15 calendar days following the day the reportable transaction occurs 31 CFR 101.306(a)(1).

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