Regulatory Alerts2001-12-31
Added
Amendment to Bank Secrecy Act Regulations -- Requirement that Nonfinancial Trades or Businesses Report Certain Currency Transactions
The proposed rule adds a new section 31 CFR 103.30 to implement 31 U.S.C. 5331, requiring persons engaged in a nonfinancial trade or business to file a report with the Treasury Department if they receive more than $10,000 in coins or currency in one transaction or related transactions. The report must be filed using a joint FinCEN/IRS form submitted to the Internal Revenue Service, imposing no new reporting or recordkeeping burden on persons already subject to 26 U.S.C. 6050I. The definition of currency includes foreign currency and certain monetary instruments with a face amount of not more than $10,000 received in designated reporting transactions, such as specific retail sales. Written comments on the proposal are due on or before March 1, 2002.