Search Results for keywords:"FinCEN"

Found 12 results

Search Results: keywords:"FinCEN"

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  • 2021-01918 — Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets
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    Type:Proposed Rule
    Citation:86 FR 7352
    Reading Time:about 3 minutes

    On December 23, 2020, FinCEN proposed new rules for banks and money services businesses about how they handle transactions with virtual currencies or digital assets that have legal tender status. These rules focus on transactions over $10,000 and involve specific types of digital wallets. Initially, feedback was allowed until January 7, 2021, but the comment period was reopened for more input. This document further extends the deadline for comments to March 29, 2021, allowing more time for feedback on the proposed rules.

    Simple Explanation

    The government is thinking about making new rules for banks to tell them how to handle pretend money like Bitcoin when lots of it is being moved around. They want people to give their thoughts on these ideas, so they decided to give more time to share these opinions.

  • 2025-05349 — Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reporting Obligations on Foreign Bank Relationships With Iranian-Linked Financial Institutions Designated Under IEEPA and IRGC-Linked Persons Designated Under IEEPA
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    Type:Notice
    Citation:90 FR 14183
    Reading Time:about 29 minutes

    The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, is asking for public comments on their plan to renew a rule without changes. This rule requires U.S. banks to gather and report information about financial dealings with specific foreign banks that may do business with Iranian-linked institutions or people associated with the Islamic Revolutionary Guard Corps (IRGC). FinCEN's aim is to continue enforcing these information collections to help monitor and regulate financial activities, with the ultimate goal of preventing money laundering and terrorism financing. The request for comments is in line with efforts to reduce paperwork and examine the burden these regulations place on both U.S. and foreign banks.

    Simple Explanation

    FinCEN, a part of the U.S. government, wants to keep a rule that asks U.S. banks to check if foreign banks they're connected with are doing business with some Iranian groups. They're asking people to share their thoughts on how this rule affects banks and might help catch bad guys moving money.

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