FinCEN Issues Administrative Ruling on the Reporting of Certain Currency Transactions for Sole Proprietorships and Legal Entities Operating Under a DBA Name

February 11, 2020 / Source: FinCEN

FinCEN Issues Administrative Ruling on the Reporting of Certain Currency Transactions for Sole Proprietorships and Legal Entities Operating Under a DBA Name

The Financial Crimes Enforcement Network (FinCEN) has issued an administrative ruling regarding the Currency Transaction Report (CTR, FinCEN Form 112).  The ruling was issued to clarify the requirements of financial institutions when reporting transactions involving sole proprietorships and legal entities operating under a “doing business as” (DBA) name.  It is intended to enhance regulatory efficiency, and provide complete and accurate CTR data to law enforcement.  This ruling replaces and rescinds two previous rulings:  FIN-2006-R003 and FIN-2008-R001.  The rescinded rulings were based on the now obsolete FinCEN Form 104.

FIN-2020-R001:  https://www.fincen.gov/index.php/resources/statutes-regulations/administrative-rulings/fincen-ctr-form-112-reporting-certain