On September 19, FinCEN announced that businesses may now electronically file Form 8300 using the BSA e-filing system. Businesses must file Form 8300 when they receive over $10,000 cash in one transaction, or in two or more related transactions. The filing is due in 15 days after the cash is received.
Paper filings of Form 8300 will still be accepted for the near future, but filers are encouraged to electronically file in order to take advantage its many benefits. Benefits listed in the announcement include:
- Free, web-based filing over a secure network
- Cost effectiveness
- Speed and convenience
- Electronic confirmation of acceptance
- Assists law enforcement and anti-terrorist efforts on a more timely basis