What are the reporting requirements for virtual currency transactions according to FINCEN?

1 answers

• imbecile23Feb 27, 2021 · 5 years ago
  As an expert in the field, I can tell you that virtual currency transactions are subject to reporting requirements according to FINCEN. These requirements are in place to combat money laundering and other illicit activities. Virtual currency exchangers and administrators are considered money transmitters and must comply with the Bank Secrecy Act (BSA). They are required to register with FINCEN, implement an anti-money laundering (AML) program, and report certain transactions. This includes filing Currency Transaction Reports (CTRs) for transactions exceeding $10,000 in a single day, and submitting Suspicious Activity Reports (SARs) for suspicious transactions. Failure to meet these reporting requirements can result in serious consequences, so it's important for businesses to stay compliant.
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