The Financial Crimes Enforcement Network (FinCEN) has announced that businesses that receive large, single-transaction cash payments—such as car dealers, boat dealers, and art merchants—are now able to electronically file Form 8300,  “Reports of Cash Payments Over $10,000 Received in a Trade or Business,” using the Bank Secrecy Act Electronic Filing System.

Form 8300 is required of businesses that receive more than $10,000 in cash from one transaction, or in two or more related transactions. It must be filed within 15 days after the date the cash was received. The form may also be voluntarily filed following any suspicious transaction, even if the total amount is lower. The information contained in these reports, when added to the FinCEN database, can be cross referenced with Suspicious Activity Reports and Currency Transaction Reports to reveal criminal patterns and establish money trails.

The new, Web-based filing system allows businesses to submit their FinCEN reports through a secure network. It is hoped that implementing a more convenient, cost-effective method for submitting reports and receiving confirmation will increase voluntary participation.

As of July 1, nearly all FinCEN reports must be filed electronically. For now, at least, Form 8300 filings will still also be accepted as paper filings. Questions can be directed to the BSA E-Filing Help Desk at (866) 346-9478 (selecting option 1), or via email at BSAEFilingHelp@fincen.gov.

Further information about the use of Form 8300, in the form of “Frequently Asked Questions,” is provided by the Internal Revenue Service here.