FinCEN Proposes Reporting Requirement of International Transport of Prepaid Access Products at U.S. Borders

Furthering the U.S. Department of the Treasury’s efforts to address the potential misuse of prepaid access products, the Financial Crimes Enforcement Network (FinCEN) proposed adding certain tangible prepaid access devices to the list of monetary instruments to be reported when transported into or out of the United States.

FinCEN’s proposal would add devices such as general-use prepaid cards, certain gift cards, and potentially cell phones to the list of other monetary instruments that must be aggregated to determine if they exceed more than $10,000 and thus be included on the Currency and Monetary Instrument Report (CMIR), the form used to report international transport of funds at U.S. borders.

Excluded from the proposal are credit cards and debit cards, codes and personal identification numbers, items like computers or web-enabled cell phones, and other devices that are not dedicated to accessing specific prepaid funds.

 

Questions? Contact Compliance at 800.546.4465 or compliance@nwcua.org.

Posted in Compliance.