Personally I would have preferred to see FinCEN issue guidance stating that Bitcoin is completely exempt from regulatory requirements.
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Meanwhile, FinCEN, is trying to phase in some of the tough compliance issues.
FinCEN is clearly trying, in its somewhat bumbling way, to squeeze a square technological peg into its round regulatory hole.
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With the exception of the recent U.S. FinCEN regulatory guidelines, all of the reports have been explanatory in nature.
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But our owner should ask his bank to file a FinCEN Form 110 for it with the IRS, for several reasons.
Foreign account compliance is taken seriously by the IRS, FinCEN (the agency with authority over FBARs), and the Department of Justice.
FinCEN has confirmed that duplicate FBARs will be filed where employees have only signature authority over foreign financial accounts owned by employers.
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It also applies to all other years for which filing was previously extended to June 30, 2012, under FinCEN Notices 2011-1 and 2011-2.
The emerging trend towards bitcoin as a flight to safety seems to be accelerating despite the recent regulatory guidance from FinCEN (Financial Crimes Enforcement Network).
By 2008, that figure doubled and peaked in the second quarter of last year at nearly 30, 000, according to the Financial Crimes Enforcement Network or FinCen.
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Nonetheless, CoinLab took the step last week of registering with FinCEN to become a Money Services Business (MSB) and their entity and registration number are available here.
Still, law enforcement, regulators and financial institution have expressed worries about the hard-to-trace attributes of virtual currencies, helping trigger this week's move from the Treasury's Financial Crimes Enforcement Network, or FinCen.
The U.S. Treasury Department's Financial Crimes Enforcement Network, known as FinCen, last month issued a three-page memo that effectively lays the groundwork to regulate firms that issue or exchange virtual currencies.
Companies that register with FinCEN as money transmitters must hire a chief compliance officer, implement an anti-money-laundering program and alert authorities if they believe a transaction might be tied to suspicious activity.
The Financial Crimes Enforcement Network, or FinCEN, a unit of the Treasury Department, in March issued guidelines that said virtual currency exchanges are subject to the same comprehensive anti-money-laundering requirements as traditional money-transmission businesses such as Western Union Co.
The IRS agreed to not assert any 75% civil fraud penalties and the Financial Crimes Enforcement Network (FinCEN) agreed to not assert any civil penalties for the failure to timely file a Report of Foreign Bank and Financial Accounts (FBAR).
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Additionally, the Bank Secrecy Act fraud specialist has the power to make a referral to FinCen for Title 31 violations, the IRS civil division for violations of the federal tax laws, as well as the power to make referrals to the IRS Criminal Division.
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During this period of uncertainty, FinCEN is reminding U.S. financial institutions of their requirement to apply enhanced scrutiny for private banking accounts held by or on behalf of senior foreign political figures, and to monitor transactions that could potentially represent misappropriated or diverted state assets, proceeds of bribery or other illegal payments, or other public corruption proceeds.
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