I am receiving a large amount of cash (US currency) from an international source. The amount exceeds $9 million. Are there any special requirements that have to be met to deposit this amount in my bank?
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Clearly, you need to make arrangements for security for such a large sum if you will receive it in cash. You will also have a responsibility for filing a Currency or Monetary Instruments Report (CMIR) with the U.S. Customs Service. The bank cannot file that report on your behalf.
Your bank will appreciate advance notice, since it will need to set up a separate room and equipment to verify the cash, and may have to arrange for additional staffing, along with other logistics. You will have to provide the bank with certain personal information in order to complete such a large cash transaction, so that the bank can complete its required Currency Transaction Report. The bank is also likely to inquire into the source of the cash. You should discuss with the bank the limits of FDIC coverage, and plan to manage the funds accordingly.
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Clearly, you need to make arrangements for security for such a large sum if you will receive it in cash. You will also have a responsibility for filing a Currency or Monetary Instruments Report (CMIR) with the U.S. Customs Service. The bank cannot file that report on your behalf.