Which statement best describes Bank Secrecy Act cross-border reporting?

• A. It applies to currency transfers across borders
• B. It applies to currency transfers across borders only under specific conditions
• C. It applies to domestic transactions only
• D. It applies to non-currency assets

Answer: (A)

Cross-border reporting under the Bank Secrecy Act focuses on movements of cash and other monetary instruments across U.S. borders. When someone physically carries, ships, or mails more than $10,000 in currency or monetary instruments across the border, a Currency and Monetary Instrument Report (CMIR) must be filed. This requirement applies to travelers and to shipments, and is separate from domestic currency reporting and from non-currency assets. The key idea is that crossing the border with currency or monetary instruments triggers reporting, not domestic-only transactions or non-currency assets.