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JVC says electronic filing of cash transaction reports is better
States advantages of security, speed and faster processing
By: Diamond World News Service
Feb 27 2015 9:43AM
Reference: 11221  

The JVC has advised an electronic filing of cash transactions, to ensure better security and speed. It noted that the industry has long been familiar with the obligation to report to the U.S. Treasury Department when sellers receive over $10,000 in cash. Some companies submit many 8300 Forms every year, documenting these transactions, and others rarely receive large quantities of cash and thus only infrequently file. Irrespective of the frequency of filing, forms can however be submitted electronically.

It also stated that the method paart form being preferred by the government, has several advantages over paper filings sent by mail.


Electronic filing turns out to be the quickest way to report cash transactions to FinCEN, the office of the Treasury Department that reviews the reports. Delivery is immediate, and filing acknowledgements – which serve as receipts – are sent back to the submitter within 48 hours.


Such means are the most secure way of submitting sensitive information as it is strongly encrypted and thus very protected.

Faster Processing:

The reports when submitted electronically are processed sooner than paper submissions. This allows such information of importance to law enforcement – regarding money laundering and terrorist financing – can be reviewed and acted upon far more quickly.

Customary in interactions with the government:

At some point they may well become mandatory, as such one can be prepared for that likelihood by gaining familiarity with FinCEN’s e-filing system now.

JVC stated one can access more information about e-filing, and the enrollment process, on this FinCEN webpage: http://bsaefiling.fincen.treas.gov/ .

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