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

FinCEN CTR, Currency Transaction Report, must be filed for all currency transactions of more than $10,000 (31 CFR 103.22(b)(1)). 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 103.22(c)(2)).

The CTR must be filed within 15 calendar days following the day the reportable transaction occurs (31 CFR 103.27(a)(1)).

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Page Last Reviewed or Updated: 03-May-2016