PRIA, Government Policy, Made Personal

Summary

Anyone working in a business who gets more than $10,000 in coins or cash in one sale (or in two or more related sales), or who already must file a report under Internal Revenue Code section 6050I(g), must send a report to the Financial Crimes Enforcement Network (FinCEN) at the time and in the way the Secretary of the Treasury requires. The report must use the form the Secretary sets and include the payer’s name, address, other ID the Secretary asks for, the amount received, the date and type of the transaction, and any other information the Secretary requires (including who is filing). The rule does not apply to amounts banks report under section 5313, or to transactions that happen entirely outside the United States unless the Secretary’s rules say otherwise. “Currency” includes foreign money and, under Treasury rules, some monetary instruments up to $10,000, but not checks drawn on the writer’s account at certain regulated financial institutions.

Title 31, §5331

Money and Finance, Source: USLM XML via OLRC

(a)Coin and Currency Receipts of More Than $10,000.—

Any person—

(1)(A)who is engaged in a trade or business, and

(B)who, in the course of such trade or business, receives more than $10,000 in coins or currency in 1 transaction (or 2 or more related transactions), or

(2)who is required to file a report under section 6050I(g) of the Internal Revenue Code of 1986,

shall file a report described in subsection (b) with respect to such transaction (or related transactions) with the Financial Crimes Enforcement Network at such time and in such manner as the Secretary may, by regulation, prescribe.

(b)Form and Manner of Reports.—

A report is described in this subsection if such report—

(1)is in such form as the Secretary may prescribe;

(2)contains—

(A)the name and address, and such other identification information as the Secretary may require, of the person from whom the coins or currency was received;

(B)the amount of coins or currency received;

(C)the date and nature of the transaction; and

(D)such other information, including the identification of the person filing the report, as the Secretary may prescribe.

(c)Exceptions.—

(1)Amounts received by financial institutions.—

Subsection (a) shall not apply to amounts received in a transaction reported under section 5313 and regulations prescribed under such section.

(2)Transactions occurring outside the united states.—

Except to the extent provided in regulations prescribed by the Secretary, subsection (a) shall not apply to any transaction if the entire transaction occurs outside the United States.

(d)Currency Includes Foreign Currency and Certain Monetary Instruments.—

(1)In general.—

For purposes of this section, the term “currency” includes—

(A)foreign currency; and

(B)to the extent provided in regulations prescribed by the Secretary, any monetary instrument (whether or not in bearer form) with a face amount of not more than $10,000.

(2)Scope of application.—

Paragraph (1)(B) shall not apply to any check drawn on the account of the writer in a financial institution referred to in subparagraph (A), (B), (C), (D), (E), (F), (G), (J), (K), (R), or (S) of section 5312(a)(2).

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 6050I(g) of the Internal Revenue Code of 1986, referred to in subsec. (a)(2), is classified to section 6050I of Title 26, Internal Revenue Code.

Amendments

2011—Subsec. (a). Pub. L. 112–74 redesignated pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), substituted “, and” for “; and” in subpar. (A), inserted “or” at end of subpar. (B), and added par. (2).

Statutory Notes and Related Subsidiaries

Regulations

Pub. L. 107–56, title III, § 365(e), formerly § 365(f), Oct. 26, 2001, 115 Stat. 335, renumbered § 365(e) by Pub. L. 108–458, title VI, § 6202(n)(2), Dec. 17, 2004, 118 Stat. 3746, provided that: “

Regulations

which the Secretary [of the Treasury] determines are necessary to implement this section [enacting this section and amending section 5312, 5317, 5318, 5321, 5324, 5326, and former 5328 of this title] shall be published in final form before the end of the 6-month period beginning on the date of enactment of this Act [Oct. 26, 2001].”

§5331 Reports Relating to Coins and Currency Received in Nonfinancial Trade or Business

Summary

Title 31, §5331

Notes & Related Subsidiaries

Editorial Notes

References in Text

Amendments

Statutory Notes and Related Subsidiaries

Regulations

Regulations

Citations & Metadata