When filling out Form 8300, understanding what to report in Box 29, “Total cash received,” is crucial for precious metals dealers. Recently we clarified this with FinCEN for scenarios involving cash transactions exceeding $10,000.
Scenario:
Imagine a customer hands you $12,000 in cash to pay for an item priced at $11,980. You provide $20 in change back to the customer. So, what amount should go in Box 29?
FinCEN’s Answer:
In this case, you should enter $12,000 in Box 29. According to FinCEN, Box 29 should reflect the total cash received, which is the amount given to you by the customer. The $20 you returned in change is not reportable, as it isn’t part of the total cash received in the context of this form.
Additional Tips
For any complex scenarios, you may use the Comments section on Form 8300 to clarify details related to the transaction.
FinCEN’s XML Schema User Guide, available here, provides further guidance on filling out Form 8300 accurately.
At AML Gurus, we’re here to help you navigate AML compliance confidently, ensuring all reporting is done accurately. If you have questions about completing Form 8300 or other AML requirements, feel free to reach out to us for expert assistance.
