2 results for tag: Money Laundering


Beware: New 2024 Businesses and Rentals Trigger Financial Crimes Enforcement Network (FinCEN) Filings

If, in 2024 (right around the corner), you start a small business or buy a rental property using a new limited liability company (LLC), you can trigger the need to file new federal reports and keep them up to date. Take This Seriously The penalties for non-compliance with the requirements to file the newly required reports can be severe. First, there are civil penalties of up to $500 for each day that a violation continues, capped at $10,000. Second, there are also potential criminal penalties—imprisonment for up to two years for any person who willfully: Provides, or attempts to provide, false or fraudulent beneficial ...

The White House Wants to Regulate Crypto

Last Friday (09.16.22) the Biden administration presented a framework for regulating cryptocurrencies and other digital assets. This action denotes the first time the executive branch has taken a position focused expressly on Crypto Crime. The White House believes that American financial guard dogs should do more to reduce fraud and abuse in crypto trading as the US creeps ahead with plans for the asset class. The Biden organization approached the Protections and Trade Commission and other regulators to “aggressively pursue investigations and enforcement actions against unlawful practices.” The proposal is part of a new White House report ...