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
Not unlike the United States, Canada offers a similar federal-level money service business registration through FINTRAC. Also like the US, the federal definition of “money transmitter” is expansive and covers a range of activities
The SWIFT messaging system, commonly known as SWIFT, is a global messaging network used by financial institutions to securely transmit information and instructions relating to financial transactions.
The purpose of the IBAN is to provide a unique identifier for each bank account across the multitude of financial institutions, making it easier to process international payments accurately and efficiently.
State money transmitter licenses are generally required for businesses that engage in activities related to the transfer of money or monetary value.
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