Bank Secrecy Act Requirements
Money services businesses offer check cashing, money orders, traveler’s checks, money transfers, currency dealing or exchange, and stored value products and are subject to the following Bank Secrecy Act (PDF) requirements:
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Trades and businesses offering money services as ancillary services to their main operations must comply with these requirements, and, in addition, must report cash transactions of more than $10,000 received in their trades or businesses using Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. See Publication 1544 for more information about the cash reporting requirement of trades and businesses.
Also, U.S. persons with financial interest in or signature authority, or other authority in a foreign financial account are required to file a Report of Foreign Bank and Financial Accounts (FBAR), if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. U.S. persons are citizens or residents of the U.S. and domestic partnerships, corporations, estates, and trusts.
BSA Forms and Publications
Forms
FinCEN Form 107, Registration of Money Services Businesses (PDF)
FinCEN Form 104, Currency Transaction Report (PDF)
FinCEN Form 109, Suspicious Activity Report by Money Services Business (PDF)
You can file Currency Transaction Reports and Suspicious Activity Reports electronically using FinCEN’s BSA Direct E-Filing System.
Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business (PDF)
Form 8300 is also available in Spanish (PDF).
TD F 90-22.1, Report of Foreign Bank and Financial Accounts (PDF).
MSBs may have to report financial interests in foreign financial accounts. See the instructions for Form TD F 90-22.1 for more information.
FinCEN Form 105 , Report of International Transportation of Currency or Monetary Instruments (CMIR) (PDF)
MSBs departing or entering the United States or shipping, mailing, or receiving currency or monetary instruments may have to file a CMIR. See the instructions for FinCEN Form 105 for more information.
Publications
Bank Secrecy Act Requirements - A Quick Reference Guide for MSBs (PDF)
Examination Manual for Money Services Businesses (PDF)
Reporting Suspicious Activity - A Quick Reference Guide for MSBs (PDF)
Money Laundering Prevention - An MSB Guide (PDF)
In addition to English, the quick reference guides and money laundering prevention guide are available in PDF format in Spanish, Arabic, Chinese, Vietnamese, Korean, Farsi, and Russian. Order these products online.
Publication 1544, Reporting Cash Payments of Over $10,000 (PDF)
Publication 1544 is also available in Spanish (PDF).
Publication 4261, Do You Have a Foreign Bank Account? (PDF) In addition to English, the publication is available in Korean, Mandarin Chinese, and Spanish.
Talk With the IRS
Bank Secrecy Act Education and Outreach Team
Bank Secrecy Act specialists are available in each state and Puerto Rico to educate money services businesses about BSA reporting and recordkeeping requirements.
BSA Resources
General Information for Businesses
Small Business and Self-Employed Tax Center
This section provides general small business information useful in all industries and professions. It includes links to small business products, employment taxes, electronic filing and paying, taxpayer burden reduction, abusive tax avoidance transactions, and many other topics.
Issue Management Resolution System
The IRS Stakeholder Liaison (SL) function has established the Issue Management Resolution System (IMRS). When stakeholder organizations notify the IRS of concerns about IRS policies, practices and procedures, SL researches the issues to bring about resolution.
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