2023-2024 Tax Planning Guide
Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
A Refresher on the Trust Fund Recovery Penalty for Business Owner...
Valuations Can Help Business Owners Plan for the Future
SBA Lenders: Beware of BSA
On Oct. 19, 2023, the Consumer Financial Protection Bureau (CFPB) and the Financial Crimes Enforcement Network (FinCEN) each issued separate Notices of Proposed Rulemakings. The FinCEN’s 80-page proposal would require financial institutions to implement recordkeeping and reporting requirements relating to transactions involving convertible virtual currency (CVC) mixing.
According to the FinCEN, CVC mixing means the facilitation of CVC transactions in a manner that obfuscates the source, destination or amount involved in one or more transactions, regardless of the type of protocol or service used, such as one of the following:
The proposed regulation would require a covered financial institution to collect, maintain records of and report to FinCEN within 30 calendar days of initial detection of a covered transaction, in the manner that FinCEN may prescribe, certain information regarding covered transactions that involve CVC mixing.
The CFPB’s 299-page proposal would implement section 1033 of the Consumer Financial Protection Act of 2010 and make it easier for consumers to switch financial institutions and provide consumers with the legal right to grant third parties access to information associated with their credit card, checking, prepaid and digital wallet accounts.
According to the CFPB, the rule would do the following:
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).