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USA Patriot Act Provisions USA Patriot Act Provisions

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.

 

Cash is:

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.