FINCEN Form 104 - Currency Transaction Report
The FINCEN Form 104 is used to report currency transactions exceeding $10,000. It is essential for financial institutions to comply with federal regulations. Accurate completion of this form ensures proper reporting and helps in the detection of illegal financial activities.
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How do I fill this out?
To fill out the FINCEN Form 104, begin by gathering the necessary identification documents. Next, provide all requested information accurately to ensure compliance. Finally, review the completed form for any errors before submission.
How to fill out the FINCEN Form 104 - Currency Transaction Report?
1
Gather necessary identification documents.
2
Complete all applicable sections of the form.
3
Double-check for accuracy and completeness.
4
Sign and date the form where required.
5
Submit the form by the specified due date.
Who needs the FINCEN Form 104 - Currency Transaction Report?
1
Financial institutions need this form to report large cash transactions.
2
Banks require it for compliance with federal regulations.
3
Money service businesses use it to track currency exchanges over $10,000.
4
Credit unions need to file it for cash deposits and withdrawals.
5
Real estate businesses might require it for transactions involving large sums of cash.
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Review your edits for accuracy and completeness.
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What are the instructions for submitting this form?
To submit the FINCEN Form 104, financial institutions must file electronically through the Bank Secrecy Act E-filing System. Navigate to the BSA E-filing website to complete your submission. Keep a copy of the form for your records for at least five years and ensure submission by the specified deadlines.
What are the important dates for this form in 2024 and 2025?
In 2024 and 2025, the due date for submitting the FINCEN Form 104 remains the same—by the 15th calendar day after the transaction. Ensure timely completion to avoid penalties. Always stay updated on any regulatory changes regarding this form.
What is the purpose of this form?
The purpose of the FINCEN Form 104 is to report significant currency transactions to help combat money laundering and other financial crimes. Financial institutions are mandated to file this form whenever they engage in cash transactions exceeding $10,000. This form plays a crucial role in maintaining the integrity of the financial system and ensuring compliance with federal regulations.
Tell me about this form and its components and fields line-by-line.
- 1. Individual's last name or entity's name: The last name or business name of the person/entity involved in the transaction.
- 2. First name: The first name of the individual conducting the transaction.
- 3. Middle initial: Any middle initial associated with the individual's name.
- 4. Doing business as (DBA): The DBA name if the transaction is through a business.
- 5. SSN or EIN: Social Security Number or Employer Identification Number of the individual/entity.
- 6. Address: The full address including street number, city, state, and ZIP code.
- 7. Date of birth: Date of birth of the individual involved in the transaction.
- 8. Occupation: Occupation, profession or business of the individual.
- 9. Method used to verify identity: Indicates the method used to verify the identity of the individual.
What happens if I fail to submit this form?
Failure to submit the FINCEN Form 104 can result in significant penalties for the financial institution involved. Regulatory authorities may impose fines for non-compliance, and continued failure to file could lead to further legal consequences. It is crucial to adhere to submission deadlines to avoid such issues.
- Civil penalties: Financial institutions may face civil penalties for failing to file the form.
- Criminal penalties: Deliberate non-submission can lead to criminal charges under federal law.
- Reputational damage: Failure to comply can harm a financial institution's reputation.
How do I know when to use this form?
- 1. Large cash deposits: Used to report deposits exceeding $10,000 in cash.
- 2. Currency exchanges: Required for exchanges of currency that meet the reporting threshold.
- 3. Withdrawals: Must be filed for cash withdrawals over the specified limit.
Frequently Asked Question
What is the FINCEN Form 104?
The FINCEN Form 104 is a Currency Transaction Report used to report cash transactions over $10,000.
Who needs to file this form?
Financial institutions engaged in large cash transactions are required to file this form.
How do I edit this form?
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Can I share the FINCEN Form 104?
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What happens if I make a mistake on the form?
You can edit the form again to correct any mistakes before submitting.
How do I save my changes?
Once you've made your edits, you can download the updated form to save your changes.
Is there a deadline to submit this form?
Yes, you must file the form by the 15th calendar day after the transaction.
What types of transactions require this form?
Any currency transactions involving over $10,000 must be reported using this form.
Can I file this form electronically?
Yes, the form should be e-filed through the Bank Secrecy Act E-filing System.
What happens if I fail to submit the form?
Failure to submit the form can lead to penalties, including fines.
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