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FinCEN Tweaks Rule On Reporting Financial Transactions

PYMNTS

The Department of the Treasury Financial Crimes Enforcement Network (FinCEN) has issued a new ruling on the reporting of currency transactions for sole proprietorships and legal entities operating under a “Doing Business As” (DBA) name, according to a Monday (Feb. Those rules were based on FinCEN Form 104, which is now obsolete.

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Why cryptocurrency businesses need to heed FinCEN's onboarding regs

Payments Source

For cryptocurrency entrepreneurs in particular, many of whom are just developing the anti-money laundering programs they are required to have under other FinCEN rules, the CDD rule is worth taking note of, writes Laurel Loomis Rimon, senior counsel at O'Melveny & Myers LLP.

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US Treasury Tells Banks To Treat Hemp Businesses Like Any Other

PYMNTS

In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. Among the rules: Banks must obtain identifying information, including a copy of licenses, as they would for any customer. But a federal ban on marijuana remains, and some states don’t allow possession of any kind of cannabis, including hemp.

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Weakest link in Fincen's AML rule? Bank customers

Payments Source

A long-anticipated financial rule could help law enforcement root out illegal activity, but it requires banks to keep extra-close tabs on certain business clients. That won't be easy.

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FinCEN Tightens Real Estate Cash-Buyer Reporting Threshold

PYMNTS

The Financial Crimes Enforcement Network (FinCEN) announced that it has issued revised Geographic Targeting Orders (GTOs), which will now require U.S. In addition, FinCEN is requiring for purchases via virtual currencies to be reported. FinCEN Director Kenneth A.

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FinCEN Seeks Enhanced Oversight of Crypto Mixing

Global Fintech & Digital Assets

A proposed rule would increase Treasury’s insight into non-US crypto mixing transactions to combat illicit activities by malicious actors. According to FinCEN, mixers are generally required to register with FinCEN if they do business as money transmitters wholly or in substantial part in the US. By Parag Patel , Eric S.

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‘Travel Rule’ To Force Crypto Exchanges To Share Customer Data

PYMNTS

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. It [travel rule] applies to CVCs [convertible virtual currencies], and we expect that you will comply, period,” Blanco said.