16 Apr 2024
Watch Out! FinCEN’s Proposed Recordkeeping Requirements for Virtual Currency
Section 311, Title III, of the USA Patriot Act (the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001) amended the anti-money laundering provisions of the Bank Secrecy Act to promote the prevention, detection, and prosecution of international money laundering and the financing of terrorism. In support of the law, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has proposed regulations that impose additional reporting and recordkeeping requirements on domestic financial institutions and domestic financial agencies that relate to transactions involving convertible virtual currency mixing occurring within or involving a jurisdiction outside the United States.
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Learn more about how financial institutions operating in the United States are subject to an array of anti-money laundering (AML) laws and regulations broadly designed to strengthen AML tools and deter terrorist financing and criminal activities.
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Discover more about the criminal penalties in the Internal Revenue Code and the defenses to those penalties. This practice note also discusses the closely related penalties under the Bank Secrecy Act for failing to file Reports of Foreign Bank and Financial Accounts.
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