Map the firm's activities against the Bank Secrecy Act and Form 8300
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Build a table of the firm's activities and mark each one against the categories in 31 U.S.C. § 5312(a)(2) and against cash receipts over $10,000. Do not decide that the firm is, or is not, a financial institution.
- What the lawyer must review
- Law firms are not listed as a class. Section 5312(a)(2) does list persons involved in real estate closings and settlements, and persons who engage as a business in the transmission of currency, funds, or value that substitutes for currency. A trade or business, including a firm, that receives more than $10,000 in cash in one transaction or in two or more related transactions must make the return required by 26 U.S.C. § 6050I. FinCEN's Residential Real Estate Rule was vacated by the Eastern District of Texas on 19 March 2026 and FinCEN has appealed; while that order is in force, reporting persons are not required to file Real Estate Reports. Do not apply AUSTRAC designated-service rules.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Consider narrowly defined preparation support after confirming the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Confirm that the wording reflects the client’s instructions and contains no unintended admission, concession or commitment. Check the recipient and tone.
- Verify the applicable jurisdiction and the version of each relevant law, rule or instrument in force at the material time.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.