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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.
FinCEN’s proposed rule to make Bitcoin a Monetary Instrument
As you may have heard, FinCEN issued a notice of proposed rule making — they gave a whole 15 days for comments — and propose to make Bitcoin and other digital currencies fall under the definition of monetary instrument. This means extra reporting for Banks and Money...
Op Ed: Understanding the Latest FinCEN Guidance for Cryptocurrencies
Sasha Hodder is a legal consultant of BTM Compliance and she recently wrote Op-Ed for www.bitcoinmagazine.com We are bringing you the article: On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN), issued new “interpretive guidance” about how its...
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...
3 Reasons Why ATM Operators Should Include Bitcoin ATMs to Their Business:
Automated Teller Machines have been around for over half a century. They allow users to complete transactions automatically without the need of a bank clerk. ATMs provide easy access to cash, account reports, some allow users to transfer funds between accounts, make...