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The following should be taken into consideration for any and all business transactions with Morgan Mill Metals, including new and repeat customers:
Morgan Mill Metals is required to inform a USA PATRIOT Act Compliance Officer, should a transaction be deemed suspicious by an employee. Suspicious transactions include, but are not limited to acts of money laundering or terrorist financing. This notification must be made in writing, using the Appendix F - Suspicious Activity Report Form. The Compliance officer or his designee must investigate the potential transaction and make a written determination regarding the Suspicious Activity Report Form, and the potential for the transaction to be used as a tool for money laundering or terrorist financing. The written determination must include a ruling as to whether the transaction will be honored, and if the FinCEN will be notified. The following transactions may be considered suspect by a Morgan Mill Metals employee, in conjunction with the USA PATRIOT Act:
Bank Secrecy Act
In the event Morgan Mill Metals receives currency in excess of $10,000, in one transaction or two or more related transactions, a report of the information with respect to the receipt of currency must be made using Appendix (G), IRS Form 8300 and instructions. Transactions are considered related when occurring within a 24-hour period to one another, or if the recipient knows, or has reason to know each transaction is one of a series of related transactions. For the purpose of this program, cash is defined as follows (a complete definition of cash is provided in the IRS Instructions to IRS Form 8300):
U.S. and foreign currency received in any transaction.
A cashier's check, money order or bank draft having a face value of $10,000 or less, received in any transaction in which the recipient knows the instrument is being used in attempt to avoid the reporting of the transaction.