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FinCEN Issues Ruling on Records to be Made and Maintained by Dealers in Foreign Exchange
Thursday, March 13, 2014 6:55 AM

The Financial Crimes Enforcement Network (FinCEN) is issuing this administrative ruling to clarify circumstances in which a dealer in foreign exchange may accept alternative travel documents as identification for a non-resident alien.

According to the requirements of 31 CFR § 1022.410(b)(3), each dealer in foreign exchange shall retain either the original, a microfilm, other copy, or reproduction of a record of each exchange of currency involving transactions in excess of $1,000. The information must include the name and address of the customer, the customer’s passport number or taxpayer identification number (unless received by mail or common carrier), the date and amount of the transaction, and the currency name, country, and total amount of each foreign currency. This administrative ruling provides that in certain circumstances a travel document other than a passport can serve as suitable identification documentation.

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