Title 31 Examination – What to Expect as a Money Services Business

The Internal Revenue Service (IRS) is stepping up enforcement of Money Services Businesses (MSBs) and the penalties for non-compliance are hefty. In a published IRS report, it was found that in fiscal year 2016, there were 1,716 examinations of MSB’s with a total potential tax revenue of $3 billion. Fast forward to the present, and the IRS appears to be conducting more Title 31 exams in 2021 than previous years. If you operate as an MSB or provide compliance advice to companies operating as MSBs, this blog post will be informative on what to expect during a Title 31 audit by the IRS.

AML & KYC for Bitcoin ATM’s, What Does It Mean?

Know Your Customer or KYC is a building block of our financial structure that allows banks and non-bank financial institutions to prevent future illicit activity while also giving regulators their peace of mind. The Bank Secrecy Act, or, BSA is legislation created in...