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#1876795 - 12/06/13 06:26 PM Form 105
CantBeShocked Offline
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Posts: 260
MS
Before I ask my question (and for those of you who will quicky refer me to a link from the forum's previous posts), I do realize and have read the previous posts on this forum in regards to this form.

I have a consulting bank attorney advising that we are supposed to complete a Form 105 within 15 days of a customer bringing in foreign currency exceeding $10,000 - in addition to any CTR or SAR that may be filed.

But I understood that banks are exempt unless we are shipping or transporting cash....

Help - has anything changed in regards to this form that I am unaware of?

Thanks!
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#1876796 - 12/06/13 06:34 PM Re: Form 105 CantBeShocked
edAudit Offline
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edAudit
Joined: Jul 2008
Posts: 4,796
You are here
A TRANSFER OF FUNDS THROUGH NORMAL BANKING PROCEDURES, WHICH
DOES NOT INVOLVE THE PHYSICAL TRANSPORTATION OF CURRENCY OR
MONETARY INSTRUMENTS, IS NOT REQUIRED TO BE REPORTED.

from the instructions on the form (the cap were from the form and not me yelling.


Exceptions: Reports are not required to be filed by:
(1) a Federal Reserve bank,
(2) a bank, a foreign bank, or a broker or dealer in securities in respect to currency or other monetary instruments mailed or shipped through the postal service or by common
carrier,
(3) a commercial bank or trust company organized under the laws of any State or of the United States 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,


I would go with number 3
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#1876807 - 12/06/13 06:54 PM Re: Form 105 CantBeShocked
CantBeShocked Offline
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Joined: Apr 2006
Posts: 260
MS
That has been my argument so far. I have gone back and asked him to "show" me where he finds otherwise.
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#1876872 - 12/06/13 08:38 PM Re: Form 105 CantBeShocked
rlcarey Online
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rlcarey
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Posts: 83,227
Galveston, TX
It is very apparent that you are dealing with a consulting bank attorney that is not the sharpest pencil in the box. smile

It is not number #3 if the customer brought the foreign currency to the branch. There was no overland shipment involved.
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#1876925 - 12/06/13 09:42 PM Re: Form 105 CantBeShocked
devsfan Offline
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Joined: Jun 2004
Posts: 1,927
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I hope you are not paying any legal fees for this incorrect advice and I also hope that you find another attorney if you ever need real legal work.

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#1876967 - 12/07/13 02:39 PM Re: Form 105 CantBeShocked
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Don't waste time and money trying to resolve advice that is contrary to what FinCEN has said in writing, particularly when it's just plain stupid. If you file it to placate him, someone like Kaybee or rlcarey will come along behind and justifiably criticize you for poor training or internal controls.
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#1876976 - 12/09/13 12:38 PM Re: Form 105 Elwood P. Dowd
Retread Offline
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Retread
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Southeast
Here's the FinCEN ruling just in case you need it.

FinCEN Ruling
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