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Clients’ Cash Declaration Forms Can Merit SARs, Say Law Enforcement Officials
By Colby Adams
printBorder banks are accepting potentially fraudulent copies of cash declaration forms to justify bulk cash deposits by individuals traveling from Mexico into the United States, say law enforcement officials. In the past two years, American banks have increasingly received and accepted Reports of International Transportation of Currency or Monetary Instruments (CMIRS) as documentation for account openings, according to John Tobon, head of U.S. Immigration and Customs Enforcement's (ICE) Illicit Finance and Proceeds of Crime Unit. The rise in the use of the forms, which must be submitted to border officials by anyone carrying at least $10,000 in cash into the...
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