horwitzThe United States has numerous laws designed to keep track of your money. These laws impact money such as cash, banking transactions, and credit cards.

The laws and regulations are too numerous to set forth for this article. We can, however, look at the big picture. First, the Bank Secrecy Act requires banks to keep records of all transactions. In addition, the bank must file a Currency Transaction Report for any currency transaction over $10,000. Banks must also file reports of currency transactions under $10,000 that the bank considers suspicious. All bank records are available to government investigators, including the IRS, through legal process which is easily obtained.

In order to keep track of cash spending, the government also requires every business to report cash transactions over $10,000. A cash transaction not only includes currency, but also cashier checks and official bank checks under $10,000.

Anyone who brings into or takes out of the country, over $10,000 in currency or monetary instruments, must file a Report of International Transportation of Currency or Monetary Instrument (CMIR) when coming through Customs.

Currency is not illegal; you can spend, deposit and transport currency anywhere legally. It is a crime, however, to fail to file the reports noted above or to attempt to prevent the filing of reports by “structuring” financial circumstances. More on this next month.

Law Offices of Mark L. Horwitz, P.A.
17 East Pine Street
Orlando, FL 32801
P: 407-843-7733
F: 407-849-1321

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