FinCEN Crypto Reporting Requirements for MSBs

money service business reporting requirements

The Financial Crimes Enforcement Network (FinCEN) in the United States imposes specific reporting requirements on money service businesses (MSBs) that engage in transactions involving cryptocurrency. These requirements were developed to prevent money laundering, terrorist financing, and other illicit activities. There are two primary reporting functions. Currency Transaction Reports A Currency Transaction Report (CTR) is a … Read more

Money Service Business Checklist

Money Service Business Checklist

In today’s regulated environment, registration as a Money Service Business with U.S. FinCEN is an absolute must (and likely legal requirement) for the following cryptocurrency industry players: Peer to peer Bitcoin and other cryptocurrency traders on sites like LocalBitcoins.com and Paxful.com; Over-The-Counter and “institution” Bitcoin and other cryptocurrency traders; Cryptocurrency custodians and other service providers; … Read more