Should insurance companies continue to file Form 8300 Report of Cash Payments Over $10,000 Received in a Trade or Business?
Yes. Insurance companies should continue to file Form 8300 in appropriate situations to report the receipt of cash over $10,000. There is no requirement at this time for insurance companies to file Currency Transaction Reports.2 Also, Form 8300 includes Box 1b for reporting of suspicious transactions. Because covered insurance companies will be required to file Suspicious Activity Reports (see below) as part of their anti-money laundering program, the proposed Suspicious Activity Report for Insurance Companies form will be the required medium for reporting suspicious activity. An insurance company is not precluded from also checking the suspicious transaction box, as appropriate, when filing a Form 8300; however, checking the box on the Form 8300 is not required, and in any event will not satisfy the insurance companys obligation to file a Suspicious Activity Report in the appropriate circumstances.
