Form 8300—which must be used to report cash purchases of $10,000 or more—can now be filed electronically, the Jewelers Vigilance Committee announced.
“This will make it much easier to file. It will be much more convenient,” says JVC president and CEO Cecilia Gardner. “This will save a lot of money and time.”
The Bank Secrecy Act e-filing system can be accessed here.
The United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which administers the 8300 rule, will continue to accept paper 8300 filings for now.
While the forms are required for cash purchases of more than $10,000, businesses can file them voluntarily for suspicious transactions under that amount. The information in these reports can be used to establish money trails and expose hidden criminal trends and patterns, says the JVC.
In 2012, FinCEN received almost 200,000 Form 8300 paper filings.Follow JCK on Instagram: @jckmagazine
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