Menu Home

FinCEN publishes FBAR help page

The Financial Crimes Enforcement Network (FinCEN) has created a web page to help individuals and entities determine if they need to file a Report of Foreign Bank Account, or FBAR. The page also contains links to other tools for FBAR completion. Links: FinCEN FBAR tools page   Posted with Blogsy

Word of the Day: Funnel Account

From FINCEN's advisory on US Currency Restrictions in Mexico: Funnel Account: An individual or business account in one geographic area that receives multiple cash deposits, often in amounts below the cash reporting threshold, and from which the funds are withdrawn in a different geographic area with little time elapsing between […]

FinCEN tweaks the MSB definition

On Wednesday, November 13, FinCEN issued two administrative rulings to clarify the definition of a money services business (MSB). In the first ruling, FinCEN ruled that a secondary market in closed loop prepaid services does not subject the provider to MSB regulations. In the second, the ruling was that providing […]