Department of the Treasury December 23, 2020 – Federal Register Recent Federal Regulation Documents
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Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets
FinCEN is issuing this notice of proposed rulemaking to seek public comments on a proposal to require banks and money service businesses (``MSBs'') to submit reports, keep records, and verify the identity of customers in relation to transactions involving convertible virtual currency (``CVC'') or digital assets with legal tender status (``legal tender digital assets'' or ``LTDA'') held in unhosted wallets (as defined below), or held in wallets hosted in a jurisdiction identified by FinCEN. FinCEN is proposing to adopt these requirements pursuant to the Bank Secrecy Act (``BSA''). To effectuate certain of these proposed requirements, FinCEN proposes to prescribe by regulation that CVC and LTDA are ``monetary instruments'' for purposes of the BSA. However, FinCEN is not proposing to modify the regulatory definition of ``monetary instruments'' or otherwise alter existing BSA regulatory requirements applicable to ``monetary instruments'' in FinCEN's regulations, including the existing currency transaction reporting (``CTR'') requirement and the existing transportation of currency or monetary instruments reporting requirement.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Bank Secrecy Act Regulations Requiring Reports of Certain Domestic Transactions
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of a currently approved information collection found in existing Bank Secrecy Act regulations. Specifically, if the Secretary of the Treasury finds that reasonable grounds exist for concluding that additional recordkeeping and/or reporting requirements are necessary to carry out the purposes of Bank Secrecy Act, or prevent evasion thereof, the Secretary may issue an order that imposes certain additional recordkeeping and reporting requirements on one or more domestic financial institutions or nonfinancial trades or businesses in a geographic area. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Regulations Requiring Records to be Made and Retained by Financial Institutions, Banks, and Providers and Sellers of Prepaid Access
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of currently approved information collections found in existing Bank Secrecy Act regulations. Specifically, the regulations covered by this notice and request for comments require certain financial institutions to make and retain records associated with certain types of transactions, including funds transfers, transmittals of funds, and prepaid access transactions, among other types of transactions. Although no changes are proposed to the information collections themselves, this request for comments covers a future expansion of the scope of the annual hourly burden and cost estimates associated with these regulations. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Notice of OFAC Sanctions Actions Imposed on Persons Identified by the Secretary of State Pursuant to the Countering America's Adversaries Through Sanctions Act
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC's action to impose sanctions on persons identified by the Secretary of State pursuant to the Countering America's Adversaries Through Sanctions Act. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
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