Regulatory Alerts2012-06-07
Added
Amendment to the Bank Secrecy Act Regulations—Requirement That Clerks of Court Report Certain Currency Transactions
FinCEN amends 31 CFR Part 1010 to require clerks of Federal or State courts to file reports with the Treasury for currency transactions exceeding $10,000 received as bail for individuals charged with specified criminal offenses. The rule mandates that these reports be filed using the joint FinCEN/IRS Form 8300, satisfying both 31 U.S.C. 5331 and 26 U.S.C. 6050I(g) requirements with a single submission. The regulation defines currency to include specific monetary instruments with a face amount of not more than $10,000 and requires clerks to verify the identity of each payor of bail. This final rule becomes effective on July 9, 2012.
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