The Jewelers Vigilance Committee has released the following statement regarding the reporting of cash transactions:
“Our industry has long been familiar with the obligation to report to the U.S. Treasury Department when sellers receive over $10,000 in cash.
Some companies submit many 8300 Forms every year, documenting these transaction, and others rarely receive large quantities of cash and thus only infrequently file. No matter the frequency of filing, however, the forms can be submitted electronically. Not only is this the method preferred by the government, it has several advantages over paper filings sent by mail.
First, electronic filing is the quickest way to report cash transactions to FinCEN, the office of the Treasury Department that reviews the reports. Delivery is immediate, and filing acknowledgements – which serve as receipts – are sent back to the submitter within 48 hours.
Second, electronic filing is the most secure way of submitting this sensitive information.
Regular mail can be lost, delayed, misrouted or even end up in the wrong hands. The electronic filing system, on the other hand, is strongly encrypted and thus very protected.
Third, cash transaction reports that are submitted electronically are processed sooner than paper submissions. This means that information of potentially critical importance to law enforcement – regarding money laundering and terrorist financing – is reviewed and acted upon far more quickly.
Fourth, electronic filings are becoming customary in our interactions with the government. At some point they may well become mandatory. It is a good idea to be ready for that likelihood by gaining familiarity with FinCEN’s e-filing system now.
For more information about e-filing, and the enrollment process, visit this FinCEN webpage: bsaefiling.fincen.treas.gov.
Remember to file an 8300 Form anytime you receive over $10,000 in cash in one transaction or in two or more related transactions. Any transactions conducted by the buyer and the seller in a 24-hour period are considered related transactions. They are also considered related if the seller knows, or has reason to know, that the transactions are connected.
Note that when filling out the 8300 Forms you will be required to provide identifying information concerning the buyer, including the Taxpayer Identification Number for an individual or sole proprietorship, or the Employer Identification Number for corporations, partnerships or estates.
Submit the 8300 Form within fifteen days of the date you receive the cash.
Please contact the Jewelers Vigilance Committee if you have any questions about cash transactions or 8300 Forms, or any other anti-money laundering obligation, at 212-997-2002 or email@example.com.”