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RAPAPORT... The Jewelers Vigilance Committee (JVC) informed the trade that the Bank Secrecy Act (BSA) Electronic Filing System is live for businesses to use in filing their reports of cash payments over $10,000 (Form 8300). The BSA requires businesses to keep records of cash purchases and to file reports of those cash purchases. Dealers in precious metals, stones and jewels are also urged to report suspicious activity that might signify money laundering, tax evasion or other criminal activity. Each person who is engaged in a trade or business that does receives more than $10,000 in cash in one transaction or in two or more related transactions, must file Form 8300. It also may be filed voluntarily for any suspicious transaction, even if the total amount does not exceed $10,000, the JVC noted. The information contained in these reports, when added to the Financial Crimes Enforcement Network (FinCEN) database, can be cross-referenced with other FinCEN reports such as Suspicious Activity Reports and Currency Transaction Reports to establish money trails and expose hidden criminal trends and patterns. In 2012, FinCEN received almost 200,000 paper filings of Form 8300. The JVC noted that e-filing is a free, web-based system that allows businesses to submit their reports through a secure network. According to FinCEN, compared with the traditional paper filing process, businesses find e-filing a faster and more convenient, secure, and cost-effective method of submitting their reports as well as for receiving confirmation of their report's acceptance. The greater use of the e-filing system also assists FinCEN in providing important information relating to money laundering and terrorist financing to law enforcement in the quickest manner possible. Paper Form 8300 filings will continue to be accepted for the near future, although businesses are encouraged to begin to take advantage of the benefits of e-filing now, said JVC. View the main forms page with FAQs and a webinar: http://fincen.gov/forms/bsa_forms/
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