C340 Processing Currency and Monetary Instruments

Question 1

What are some examples of Monetary Instruments?

Answer 1

• U.S. or foreign coins and currency
• Traveler’s checks in any form
• All negotiable instruments
• Incomplete instruments signed, but with the payee’s name omitted
• Securities or stocks
• Checks made out to a fictitious payee
• Federal Reserve notes

Question 2

What are some examples of Non-Monetary Intruments?

Answer 2

• Checks or money orders that are not endorsed
• Warehouse receipts
  Bills of lading
• Credit cards
• Debit cards
• Gift cards

Question 3

What must be completed and filed by travelers transporting currency or monetary instruments into or out of the US?

Answer 3

FinCEN 105

Question 4

What is the purpose of the FinCEN 105?

Answer 4

Information recorded on the FinCEN 105 allows the United States Government to identify the source, volume, and movement of currency and monetary instruments being transported into or out of the U.S.

Question 5

What steps are used to verify information on the FinCEN 105?

Answer 5

-Ensure all parts of the form are complete
-verify the traveler’s identity
-perform
TECS queries.

Question 6

Which law states that an individual is required to report the exporting or importing of currency or monetary instruments in excess of $10,000?

Answer 6

31 U.S.C. 5316.

Question 7

At which CBP ports must travelers declare currency or monetary instruments in excess of $10,000?

Answer 7

At all ports.

Question 8

Is a TECS query necessary as part of the verification of a FinCEN 105?

Answer 8

Yes

Question 9

You have a money order made out to a fictitious payee given to you in the amount of $14,000. Is it considered a monetary instrument?

Answer 9

Yes

Question 10

You have a money order made out to a fictitious payee given to you in the amount of $14,000. Does this transaction need to be reported on a FinCEN 105?

Answer 10

Yes

Question 11

What part of the FinCEN 105 needs to be completed if the traveler is representing a company or corporation?

Answer 11

Part II

Question 12

What other TECS queries might you perform in addition to the name query?

Answer 12

Passport number, Social Security number, addresses, business.

Question 13

When should you distribute a CBP 503?

Answer 13

If you suspect a traveler is carrying a large amount of currency or monetary instruments.