The USA PATRIOT Act of 2001 (Public Law Pub.L. 107-56; US Statutes at Large 115 Stat. 272 (2001)) expanded the scope of the anti-money laundering laws and regulations to help trace funds used for terrorism. We comply with all laws imposed upon us, including this statute, and others.
Most significantly for our purposes, is our reporting to the IRS of cash payments we receive over $10,000, on IRS Form 8300. In very brief terms, if we receive more than $10,000 in cash or cash equivalent in a single transaction or related transactions, we must file a Form 8300 with the IRS by the 15th day after the date the cash was received. Please review IRS Form 8300, and its instructions, for the full details as to when this form must be filed; but here are a few selected highlights:
1. “Cash” includes:
A. The coins and currency of any country, including the United States, and
See AlsoSection 314(b) | FinCEN.govB. A cashier’s check, money order, bank draft (i.e. check), or traveler’s check we receive, if it has a face amount of $10,000 or less and we receive it in a designated reporting transaction (see definition below), or that we receive in any transaction in which we know that the instrument is being used in an attempt to avoid the reporting of the transaction under either section 6050I or 31 USC 5331:
- A “designated reporting transaction”, simply defined, is the retail sale of a consumer durable, a collectible, or a travel or entertainment activity.
a) “Consumer durable”, is any item of tangible personal property of a type that, under ordinary usage, can reasonably be expected to remain useful for at least 1 year, and that has a sales price of more than $10,000. This definition would include the bullion and coins we sell.
b) “Collectible”, is any work of art, rug, antique, metal, gem, stamp, coin, etc. This definition would also include the bullion and coins we sell.
2. “Cash” does NOT Include a check drawn on the payer’s own account, such as a personal check, regardless of the amount.
3. “Related Transactions”. Related transactions are any combination of payments we receive within a 24-hour period that total to more than $10,000; or longer than 24-hours, if we know or have reason to know that each transaction is one of a series of transactions. We must report any related transactions on Form 8300 by the 15th day after receipt of the payment that causes the aggregate amount to exceed $10,000 in cash.
4. Multiple Payments. If we receive more than one cash payment for a single transaction or for related transactions, we must report the multiple payments any time we receive a total amount that exceeds $10,000 within any 12-month period. Form 8300 is due by the 15th day after we receive the payment that causes the total amount to exceed $10,000.
5. Taxpayer Identification Number (TIN). We must provide the correct TIN of both the person(s) we receive cash from, and, if applicable, the person(s) on whose behalf the transaction is being conducted.
6. Penalties. A variety of penalties are imposed for violating the various requirements associated with Form 8300. Most significantly, in very brief and paraphrased terms, if you interfere with our correct reporting of a Form 8300, or if you structure or attempt to structure your transaction with us to avoid reporting on Form 8300, you may be subject to criminal prosecution, and upon conviction subject to imprisonment up to 5 years, and/or be fined up to $250,000 for individuals ($500,000 for corporations).
NOTE: We will follow and comply with all laws, rules and regulations affecting our industry, including the USA Patriot Act, Bank Secrecy Act, etc.
