The US Department of the Treasury’s Financial Crime Enforcement Network or FinCEN for short requires certain monetary transactions to be reported to them for monitoring and compliance.
Pending legislation will require digital transactions including stablecoin transactions to be reportable to FinCEN. BTF aims to get ahead of this by providing the necessary reporting processes for our clients.
The FinCEN module is completely configurable in real-time and complies with all the FinCEN requirements. Summary and detail reports are available for audit and compliance purposes.
Pending legislation such as the STABLE Act and others will require FinCEN compliance. BTF believes that at some point, this reporting will become mandatory for blockchain/DLT transactions in the US.
All the clients that are not reporting entities themselves will be reported to FinCEN if their transactions meet the reporting thresholds.
Currently, deposits and withdrawals greater than $3,000 USD or equivalent and payments greater than $9,999.99 USD or equivalent are required to be reported to FinCEN. We do this with Forms 111 and 112.
For each reportable transaction, we place a record in your entity’s FinCEN report. At the end of each day, we file the report with FinCEN. A transmission receipt and a confirmation along with the report are emailed to the email address configured for compliance.
The reporting time is configurable and the default value is local midnight time for the reporting entity.