The Financial Crimes Enforcement Network (FinCEN) has announced that businesses that receive large, single-transaction cash payments—such as car dealers, boat dealers, and art merchants—are now able to electronically file Form 8300, “Reports of Cash Payments Over $10,000 Received in a Trade or Business,” using the Bank Secrecy Act Electronic Filing System.
Form 8300 is required of businesses that receive more than $10,000 in cash from one transaction, or in two or more related transactions. It must be filed within 15 days after the date the cash was received. The form may also be voluntarily filed following any suspicious transaction, even if the total amount is lower. The information contained in these reports, when added to the FinCEN database, can be cross referenced with Suspicious Activity Reports and Currency Transaction Reports to reveal criminal patterns and establish money trails.
