Florida Regulations 12-19.002: Large Currency Transaction Reports Required
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The Florida Money Laundering Act imposes a state reporting requirement with respect to large currency transactions. The Florida reporting requirement is similar to the federal reporting requirement imposed under 26 U.S.C. § 6050I with respect to these transactions.
(1) Any person engaged in a trade or business in this state, other than a financial institution, must file a report with the Department of Revenue when such person receives more than $10,000 in currency in a single transaction, or in two or more related transactions, in the course of such trade or business. For the purposes of these rules, the following definitions shall apply:
(a) “”Person”” means an individual, corporation, partnership, trust or estate, joint stock company, syndicate, joint venture, or other unincorporated organization or group, and all entities treated as legal personalities, including organizations which are exempt from tax.
(b) The term “”engaged in a trade or business”” has the same meaning as under 26 U.S.C. § 162, hereby incorporated by reference, as amended and in effect 01/18 (http://www.flrules.org/Gateway/reference.asp?No=Ref-10162).
(c) “”In this state”” means within the exterior limits of the State of Florida.
(d) “”Financial institution”” has the meaning ascribed to the term in Section 655.50(3)(c), F.S. The term includes any national bank or banking association, state bank or banking association, industrial savings bank, trust company, federal savings and loan association, state savings and loan association, federal savings bank, state savings bank, federal or state credit union, Edge Act or agreement corporation, or international bank agency located in this state, whether organized under the laws of Florida, another state, or the United States.
(e) “”Currency”” means the coin or cash of the United States or any other country which circulate in and are customarily used and accepted as money within the country in which issued, including United States notes or silver certificates, and Federal Reserve notes. The term currency does not encompass bank checks, traveler’s checks, drafts, money orders, other cash equivalents, wire transfers, or other negotiable or monetary instruments not customarily accepted as money.
(f) “”Related transactions”” means any transaction conducted between a payer or its agent and a recipient of currency in a 24-hour period, and transactions conducted between a payer or its agent and a currency recipient during a period of more than 24 hours if the recipient knows, or has reason to know, that each transaction is one of a series of connected transactions.
(2) Any person required to file federal form 8300 with respect to a large currency transaction under 26 U.S.C. § 6050I and the federal regulations promulgated pursuant thereto, shall file a report of the transaction with the Department of Revenue when the permanent address of the person conducting the transaction, as reported on federal form 8300, is within this state.
(3) Any person who is not required to file federal form 8300 and any person who is required to file federal form 8300 reflecting a permanent address outside this state, is not required to file a report with the Department of Revenue with respect to a large currency transaction.
(4) A transaction involving the receipt of more than $10,000 in currency for the account of another must be reported. Likewise, a person who, in the course of a trade or business, acts as an agent or acts in a similar capacity must report currency in excess of $10,000 received from a principal, unless the provisions of subsection (3) of this section apply.
(5) For the purposes of these rules, “”recipient”” means the person receiving currency in a transaction which must be reported. Each store, division, branch, department, headquarters, or office comprising a portion of a person’s trade or business is a separate recipient, unless the unit receiving the currency payment would, in the ordinary course of business, have reason to know the identity of payers who deal with other units of the business.
(6) A transaction may not be subdivided into multiple parts to avoid the reporting requirements imposed under the Florida Money Laundering Act.
Rulemaking Authority Florida Statutes § 896.102(3). Law Implemented Florida Statutes § 896.102. History-New 2-18-88, Amended 1-8-19.
Terms Used In Florida Regulations 12-19.002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) “”Person”” means an individual, corporation, partnership, trust or estate, joint stock company, syndicate, joint venture, or other unincorporated organization or group, and all entities treated as legal personalities, including organizations which are exempt from tax.
(b) The term “”engaged in a trade or business”” has the same meaning as under 26 U.S.C. § 162, hereby incorporated by reference, as amended and in effect 01/18 (http://www.flrules.org/Gateway/reference.asp?No=Ref-10162).
(c) “”In this state”” means within the exterior limits of the State of Florida.
(d) “”Financial institution”” has the meaning ascribed to the term in Section 655.50(3)(c), F.S. The term includes any national bank or banking association, state bank or banking association, industrial savings bank, trust company, federal savings and loan association, state savings and loan association, federal savings bank, state savings bank, federal or state credit union, Edge Act or agreement corporation, or international bank agency located in this state, whether organized under the laws of Florida, another state, or the United States.
(e) “”Currency”” means the coin or cash of the United States or any other country which circulate in and are customarily used and accepted as money within the country in which issued, including United States notes or silver certificates, and Federal Reserve notes. The term currency does not encompass bank checks, traveler’s checks, drafts, money orders, other cash equivalents, wire transfers, or other negotiable or monetary instruments not customarily accepted as money.
(f) “”Related transactions”” means any transaction conducted between a payer or its agent and a recipient of currency in a 24-hour period, and transactions conducted between a payer or its agent and a currency recipient during a period of more than 24 hours if the recipient knows, or has reason to know, that each transaction is one of a series of connected transactions.
(2) Any person required to file federal form 8300 with respect to a large currency transaction under 26 U.S.C. § 6050I and the federal regulations promulgated pursuant thereto, shall file a report of the transaction with the Department of Revenue when the permanent address of the person conducting the transaction, as reported on federal form 8300, is within this state.
(3) Any person who is not required to file federal form 8300 and any person who is required to file federal form 8300 reflecting a permanent address outside this state, is not required to file a report with the Department of Revenue with respect to a large currency transaction.
(4) A transaction involving the receipt of more than $10,000 in currency for the account of another must be reported. Likewise, a person who, in the course of a trade or business, acts as an agent or acts in a similar capacity must report currency in excess of $10,000 received from a principal, unless the provisions of subsection (3) of this section apply.
(5) For the purposes of these rules, “”recipient”” means the person receiving currency in a transaction which must be reported. Each store, division, branch, department, headquarters, or office comprising a portion of a person’s trade or business is a separate recipient, unless the unit receiving the currency payment would, in the ordinary course of business, have reason to know the identity of payers who deal with other units of the business.
(6) A transaction may not be subdivided into multiple parts to avoid the reporting requirements imposed under the Florida Money Laundering Act.
Rulemaking Authority Florida Statutes § 896.102(3). Law Implemented Florida Statutes § 896.102. History-New 2-18-88, Amended 1-8-19.