I'm hoping to get a little guidance on how to handle the reporting of a transaction involving foreign currency. We do not typically complete foreign currency exchanges so I don't know where to begin. A typical scenario would be a customer who plans to travel and writes a check for say $11,000 that they would like exchanged for a foreign currency. Is this a CTR reportable transaction? Would it be for $11,000 negotiable instrument cashed or a currency exchange or both? Any guidance is appreciated. Thank you.

CTR. Line 27 negotiable instrument $11,000.00. Line 28 the amount in FX and country

OK. If that person were to bring back all $11,000 in foreign currency and want it in US currency then we would have a currency exchange? What about if they want a cashier's check - would it be reportable as a negotiable instrument purchase?

I really appreciate your help!!

I believe so

On the new CTR how do you report the Euro with regard to the country? There is no selection for European Union. Just curious what others do.

Thank you.

If you're working with the FinCEN CTR data gathering device to submit discrete CTRs, you use the name of the country (e.g., France) and FinCEN knows that France uses the €.

Which country? The one they are travelling to? What if they are traveling to more than one country?

Apparently, 23 countries use the Euro. Rather than ask the customer about their itinerary, I would pick the first one on the list.

Great suggestion. Thanks for all of the responses!