Are wire transfers over $10,000 reported to the IRS?

I'm curious to know if there's a specific regulation regarding wire transfers that exceed the amount of $10,000. Does the IRS require these transactions to be reported? If so, what's the process for reporting them? And are there any penalties for failing to comply with this requirement? I'm asking because I'm involved in a few financial transactions that might exceed this threshold and I want to make sure I'm compliant with all relevant regulations.