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Published today on KYC360 (riskscreen.com)

My new article Checking the Bitcoin Box. It’s about the December 2020 FinCEN Notice of Proposed Rulemaking (NPRM) that would make banks and MSBs keep records of transactions over $3000 and report transactions over $10,000 (aggregations over a 24-hour period, too) involving cryptocurrency and “legal tender digital assets” (LTDA – […]

FinCEN gives us more time again to respond to the crypto NPRM…

FinCEN Extends Reopened Comment Period for Proposed Rulemaking on Certain Convertible Virtual Currency and Digital Asset Transactions Contact Office of Strategic Communications,703-905-3770 Immediate Release January 26, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today that it has submitted for publication in the Federal Register an Extension Notice, which will lengthen […]

FinCEN recognizes that 15 days was just not enough for the recent Crypto NPRM’s comment period

FinCEN Extends Comment Period for Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transactions Contact Office of Strategic Communications, 703-905-3770 Immediate Release January 14, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today it is reopening the comment period for its recent proposed […]

Notice of Proposed Rulemaking: Changing the threshold for collecting info about payments… in certain circumstances…

Here’s the summary… Bank Secrecy Act (“BSA”) requiring financial institutions to collect and retain information on certain funds transfers and transmittals of funds. The proposed modification would reduce this threshold from $3,000 to $250 for funds transfers and transmittals of funds that begin or end outside the United States. FinCEN […]