Fla. Admin. Code Ann. R. 12-19.002 - Large Currency Transaction Reports Required
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. s. 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. ยง162, 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. s.
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.
Notes
Rulemaking Authority 896.102(3) FS. Law Implemented 896.102 FS.
New 2-18-88, Amended 1-8-19.
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