Cash, Bearer Bonds, or … Cell Phone? FinCEN Proposes to Expand Obligations under Cross-Border Reporting Rule

Most travelers are familiar with the requirement to report on cash or other “monetary instruments” in their possession when they cross a U.S. international border.  The Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposes to add certain “tangible prepaid access” payment products s to the list of monetary instruments and “similar materials” subject... Continue Reading