FinCen Form 107

What Is FinCEN 107 Form?

The FinCEN form 107 is a specific document used by American businesses that deal in large amounts of cash. The Financial Crimes Enforcement Network (FinCEN) uses this information to monitor high-value transactions, helping to curb money laundering and other fraudulent practices.

Points to remember for form FinCEN form 107

When it comes to the form FinCEN form 107, remember that all US businesses dealing with more than $10,000 in cash in one transaction or several related transactions must complete this form. Moreover, it's not just for businesses; individuals can use the form too if they participate in such transactions.

How to File FinCEN Form 107 Online

Yes, you may file FinCEN form 107 online. This is often more convenient, saving you time, printer ink, and postage. Here is a step-by-step process:

1. Start by accessing the 'Filing Information' section. Here, you'll need to select whether you're submitting an initial, renewal, or correction registration. Each of these options is followed by a checkbox that you need to click depending on the category that applies to your case.
2. Proceed to 'Registrant Information'. Fill in your business name, EIN, as well as your legal name, address, phone number, and other relevant contact information in the corresponding fields. 
3. Move on to 'Owner or Controlling Person'. Provide personal details of the controlling individual you're registering, such as their name, SSN or ITIN, DOB, address, and contact details.
4. Next, head over to 'Money Services and Product Information'. Here, you should list the product or service you’re registering. Select the appropriate option from the given fields, whether it’s money orders, check cashing, currency exchange, etc.
5. Scroll down to 'Primary Transaction Account for MSB Activities'. In this part, you should detail the account where the majority of the MSB activities are held. Key in information like the account number, institution name, type of account, and addresses.
6. Fill out 'Location of Supporting Documentation'. Here, you're expected to disclose the physical or web address where the Federal Government can find the supporting documentation for your registration.
7. Next, move on to 'Authorized Signature'. The form should be signed and dated by the individual listed in previous sections. Input the name, title, email, and contact number, and check the declaration box. Digitally sign the FinCEN form 107 pdf using the provided digital signature tool on the PDF liner website.
8. After completing all these fields, don't forget to save a copy of the filled form for your records. You can do this by clicking the 'Download' or 'Print' options located at the top of your screen. Make sure to store this copy securely. 

Remember to double-check all information before submission to avoid potential issues or delays.

Perks of online filing FinCEN form 107

Besides offering convenience, online submission offers an opportunity to rectify errors and review your submissions before transmitting. It's also faster and you don't have to worry about postal delays or mishaps. Understand and make use of the benefits of filing form 107 FinCEN online to avoid mistakes and file with confidence.