Under the Bank Secrecy Act of 1970 (or otherwise known as the Currency and Foreign Transactions Reporting Act), it is required to report cash and monetary instruments. Travelers departing from the US or arriving to the US should report directly to the US Customs and Border Protection prior to entering or leaving the country. Many are unaware of this law and neglect filing reports of any currency or other monetary equivalents that exceed $10,000 (daily aggregate amount).
One should take action in a timely manner in order for his/her successful money seizure recovery, or it might get forfeited. In most cases, filing a petition within 30 days of the seizure notice is mandatory. Financial Crimes Enforcement Network may impose civil money penalties for noncompliance with the regulations, including $500 for each negligent currency transaction or suspicious activity reporting violation under 31 C.F.R. § 1010.820.
Experienced attorneys at ACI Law Group assist clients in dispute of recovering money seizure by US Customs and Border Protection, Homeland Security and Drug Enforcement Administration.
For a consultation about currency and money seizure recovery services, call (714) 522- 3300.