VIENNA, Va. - The Financial Crimes Enforcement Network (FinCEN) today announced that a wide variety of businesses are now able to electronically file their Reports of Cash Payments Over $10,000 Received in a Trade or Business (Form 8300) using the Bank Secrecy Act (BSA) Electronic Filing (E-Filing) System.
Many businesses such as car dealers, boat dealers, and art and collectible merchants, sometimes deal in large amounts of cash. Each person who is engaged in a trade or business that, in the course of that trade or business, 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 information contained in these reports, when added to the 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. Last year, FinCEN received almost 200,000 paper filings of Form 8300.
E-Filing is a free, Web-based electronic filing system that allows businesses to submit their FinCEN reports through a secure network. 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. Almost all FinCEN reports must currently be E-Filed. Paper Form 8300 filings will continue to be accepted for the near future, though businesses are encouraged to begin to take advantage of the benefits of E-Filing now.
For technical questions or assistance, please contact the BSA E-Filing Help Desk at 1-866-346-9478 (option 1) or via email at BSAEFilingHelp@fincen.gov. The Help Desk is available Monday through Friday from 8 a.m. to 6 p.m. ET. Please note that the Help Desk is closed on Federal holidays.