Reports of the Transportation of Monetary Instruments Into or Out of the United States

Requirements

With these definitions in mind, let’s look at what the regulations require. Basically, they require a report in two circumstances. The first is if you are involved in some way in the transportation of monetary instruments totaling over $10,000 into or out of the U.S. at one time. The second is if you receive monetary instruments totaling over $10,000 from outside the U.S. in a transfer for which no one else has filed a report. [31 CFR 1010.340] To quote the regulation directly:
(a) Each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, or attempts to physically transport, mail, or ship, 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 the United States to any place outside the United States, or into the United States from any place outside the United States, shall make a report thereof. A person is deemed to have caused such transportation, mailing, or shipping when he aids, abets, counsels, commands, procures, or requests it to be done by a financial institution or any other person.
(b) Each person who receives in the U.S. currency or other monetary instruments in an aggregate amount exceeding $10,000 at one time which have been transported, mailed, or shipped to such person from any place outside the United States with respect to which a report has not been filed under paragraph (a) of this section, whether or not required to be filed thereunder, shall make a report thereof, stating the amount, the date of receipt, the form of monetary instruments, and the person from whom received.

Forms and timing of reports

You can obtain forms for making these reports from the U.S. Customs Service. Reports filed under paragraph (a) above relating to the transportation of monetary instruments must be made at the time of entry into or departure from the U.S. and should be filed with the customs officer. If the monetary instruments do not physically accompany the person entering or departing from the U.S., the report can be mailed to Commissioner of Customs, Attention: Currency Transportation Reports, Washington, DC 20229. Reports of the receipt of items under paragraph (b) above must be filed within 15 days of receipt. These reports can be mailed to the same address as those mailed under paragraph (a) above.

Exemptions

The following persons or entities do not need to make monetary instrument reports:
  • A bank, foreign bank, or a broker or dealer in securities with respect to currency or other monetary instruments mailed or shipped through the postal service or by common carrier;
  • A nonforeign commercial bank or trust company with respect to overland shipments of currency or monetary instruments shipped to or received from an established customer maintaining a deposit relationship with the bank in amounts which the bank may reasonably conclude do not exceed amounts commensurate with the customary conduct of the business, industry, or profession of the customer concerned;
  • A traveler’s check issuer or its agent in respect to the transportation of traveler’s checks prior to their delivery to selling agents for eventual sale to the public;
  • A person with respect to a restrictively endorsed traveler’s check that is in the collection and reconciliation process after the traveler’s check has been negotiated; and
  • Other persons not likely to be reading this manual (e.g., common carriers and others in the business of transporting currency and monetary instruments).