fincen form 104 currency transaction report

You ask for confirmation that, in both examples, since the currency exchange “was one of the transactions that caused the CTR to be created,” Bank must report the value of the foreign currency in items 26a or 27a, and the country for which the foreign currency serves as legal tender in item 29. On the same business day as the currency exchange, the customer deposits, into the customer’s checking account at Bank, United States currency in the amount of $4,500 dollars. That is, the customer pays, to Bank, United States currency in the amount of $6,000, and Bank pays, to the customer, Canadian currency equal in value to the United States currency.

In the second example, a customer of Bank exchanges $6,000 in United States currency for Canadian currency. On the same business day as the currency exchange, the customer withdraws, from the customer’s savings account at Bank, United States currency in the amount of $8,000. That is, Bank pays, to the customer, United States currency in the amount $3,000, and the customer pays, to Bank, South Korean currency equal in value to the United States currency.

In the first example, a customer of Bank exchanges South Korean currency for $3,000 in United States currency. In your letter, you present two examples. Financial institutions other than casinos complete FinCEN Form 104 when reporting currency transactions under 31 CFR §103.22. This letter responds to your letter dated April 19, 2004, to FinCEN’s Office of Regulatory Policy, Programs and Enforcement, in which you request guidance on the proper completion of FinCEN Form 104.

Fincen form 104 currency transaction report