The USA PATRIOT Act of 2001 increased the scope of the anti-money laundering
laws and regulations to help trace funds used for terrorism.
Any person in a trade or business who receives more than $10,000 in cash or cash
equivalents in a single transaction or related transactions, must file a Form 8300 with
the Internal Revenue Service.
1. The coins and currency of the United States (and any other country), and
2. A cashier’s check, bank draft, official check, bank check (or whatever name called)
traveler’s check or money order you receive, if it has a face amount of $10,000 or
less and you receive it in
a. A designated reporting transaction
A designated reporting transaction is the retail sale of any of the following:
1. A consumer durable, such as coins, whether or not rare, and/or bullion. A consumer
durable is property, other than land or buildings, that:
a. Is suitable for personal use,
b. Can reasonably be expected to last at least 1 year under ordinary use,
c. Has a sales price of more than $10,000,
d. Can be seen or touched (tangible property) i.e. coins and/or bullion
Cash Does Not Include:
· A check drawn on an individual’s personal or business account.
· A cashier’s check, bank draft, traveler’s check, or money order with a face amount of
more than $10,000 is not treated as cash.
· Wire Transfers
It is a federal crime to structure or attempt to structure your transactions to avoid a reporting
requirement, i.e. Form 8300
However, you as a customer, have the option of making payment by one of or a combination
of the following:
· Wire Transfer
· Personal or Business Check, or
· Cashiers Check, Bank Draft, Money Order or other monetary instrument with a face
value in excess of $10,000
Note: Any combination of actual cash and cashier’s checks, bank drafts, money orders or
travelers check with a face value of $10,000 or less, together totaling more than $10,000
combined, will cause the filing of a Form 8300 by this company.
This company will follow all laws and regulations enacted on this industry by the
Bank Secrecy Act, USA PATRIOT Act or any regulations promulgated with these acts.