Regulatory Alerts2001-12-31
Added
Amendment to Bank Secrecy Act Regulations Requiring Nonfinancial Trades or Businesses to Report Certain Currency Transactions
The interim rule adds 31 CFR 103.30 to require any person engaged in a trade or business who receives more than $10,000 in coins, currency, or certain monetary instruments in one or more related transactions to file a report with the Treasury Department. The rule mandates that these reports be filed using a joint FinCEN/IRS form, aligning with existing IRS requirements under section 6050I to avoid duplicate reporting burdens. Specific definitions include aggregating multiple payments within a 12-month period and treating instruments like cashier's checks and money orders as currency in designated retail sales of consumer durables, collectibles, or travel and entertainment activities, subject to specific exceptions for loan proceeds and installment sales.