FinCEN form 105

[ONEWAY]

A financial advisor who is heavily involved with the dinar is stating everyone needs to file FinCEN form 105 with the Department of Treasury. Has anyone else received the same advice or is aware of this form and process?

He claims many may have their dinar confiscated if the form isn't filed within 15 days of the currency entering the country. I called the department of Treasury and they said it only applied to an aggregate amount of $10,000 USD in value each purchase.

The advisor is insisting this will be a problem for everyone who hasn't filed the form.

[Cyanide]

I have never heard about the 15 day thing. I was, however, told that I would have to fill out the fincen form when I cashed in otherwise I would likely be audited. There is a link to the actual form somewhere on this forum (can't remember which thread) Maybe looking at the form and the instructions will shed further insight as to when and how the form is necessary.

Actually, I'll get it.

Here's a link to the form: http://www.fincen.gov/forms/files/fin105_cmir.pdf

GENERAL INSTRUCTIONS

This report is required by 31 U.S.C. 5316 and Treasury Department regulations

(31 CFR Chapter X).

WHO MUST FILE:

(1) Each person who physically transports, mails, or ships, or causes to be

physically transported, mailed, or shipped currency or other monetary instruments

in an aggregate amount exceeding $10,000 at one time from the United States to

any place outside the United States or into the United States from any place outside

the United States, and

(2) Each person who receives in the United States currency or other monetary

instruments In an aggregate amount exceeding $10,000 at one time which have been

transported, mailed, or shipped to the person from any place outside the United States.

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.

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,

(4) a person who is not a citizen or resident of the United States in respect to

currency or other monetary instruments mailed or shipped from abroad to a bank or

broker or dealer in securities through the post al service or by common carrier,

(5) a common carrier of passengers in respect to currency or other monetary

instruments in the possession of its passengers,

(6) a common carrier of goods in respect to shipments of currency or monetary

instruments not declared to be such by the shipper,

(7) a travelers’ check issuer or its agent in respect to the transportation of travelers’

checks prior to their delivery to selling agents for eventual sale to the public,

(8) a person with a restrictively endorsed traveler’s check that is in the collection

and reconciliation process after the traveler’s check has been negotiated, nor by

(9) a person engaged as a business in the transport ation of currency, monetary

instruments and other commercial papers with respect to the transportation of currency

or other monetary instruments overland between established offices of banks or brokers

or dealers in securities and foreign persons.

WHEN AND WHERE TO FILE:

A. Recipients—Each person who receives currency or other monetary instruments

in the United States shall file FinCEN Form 105, within 15 days after receipt of the

currency or monetary instruments, with the Customs officer in charge at any port of

entry or departure or by mail with the Commissioner of Customs, Attention:

Currency Transportation Reports, Washington DC 20229.

B. Shippers or Mailers—lf the currency or other monetary instrument does not

accompany the person entering or departing the United States, FinCEN Form 105

may be filed by mail on or before the date of entry, departure, mailing, or shipping

with the Commissioner of Customs, Attention: Currency Transportation Reports,

Washington DC 20229.

C. Travelers—Travelers carrying currency or other monetary instruments with

them shall file FinCEN Form 105 at the time of entry into the United States or at the

time of departure from the United States with the Customs officer in charge at any

Customs port of entry or departure.

An additional report of a particular transportation, mailing, or shipping of currency or

the monetary instruments is not required if a complete and truthful report has already

been filed. However, no person otherwise required to file a report shall be excused from

liability for failure to do so if, in fact, a complete and truthful report has not been filed.

Forms may be obtained from any Bureau of Customs and Border Protection office.

PENALTIES: Civil and criminal penalties, including under cert ain circumstances a

fine of not more than $500,000 and Imprisonment of not more than ten years, are

provided for failure to file a report, filing a report containing a material omission or

misstatement, or filing a false or fraudulent report. In addition, the currency or

monetary instrument may be subject to seizure and forfeiture. See 31 U.S.C.5321

and 31 CFR 1010.820; 31 U.S

I'll read it tomorrow. I'm off to sleep. Go RV!!!

Edited July 14, 2011 by Cyanide

[elblondee]

I thought it was the fincen 104 form http://www.fincen.gov/forms/files/fin104_ctr.pdf

[frankc]

Pure BS. IMHO

[ONEWAY]

Form 104 will be filled out by the bank upon liquidation.

Form 105 should be filled out by the recipient, but I am looking for clarification on the exact process and expectations.

If anyone is actually familiar with it please reply.

The potential ramifications can be costly so I want to make sure we are in the correct understanding of the document.

[radar47]

A financial advisor who is heavily involved with the dinar is stating everyone needs to file FinCEN form 105 with the Department of Treasury. Has anyone else received the same advice or is aware of this form and process?

He claims many may have their dinar confiscated if the form isn't filed within 15 days of the currency entering the country. I called the department of Treasury and they said it only applied to an aggregate amount of $10,000 USD in value each purchase.

The advisor is insisting this will be a problem for everyone who hasn't filed the form.

I think you only fill out the FINCEN 105 when you cash in the dinars.

[wpsmit]

I think you only fill out the FINCEN 105 when you cash in the dinars.

I read somewhere (no link) that if you cashin at the bank they would have the form and fill it out, otherwise you need to take one with you to dealers. It was the 105. BTW i have several tons worth of dinar based on the face value, but I don't have $10,000 worth yet.

[sambob]

I am not a financial advisor however it is my understanding that FinCen 104 will need to either be filled out by you or your bank (or dealer) when you cash in. A while back some of the dealers said they would fill out the form for you when you cash in with them, not sure if this is still the case. Also not sure if it is our responsibility to turn them in or if the banks/dealers will do this for us, hopefully we will find out soon!!

As far as FinCen 105 goes this form is for transporting the equivalent of $10,000 or more in currency in or out of the country. It is my understanding that if you purchased your dinar from someone here in the U.S, then it would have been their responsibility to report the transportation in to the states when they purchased it.