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New Financial Institution Taxation, Compliance Measures in Force

Banks and financial institutions face a host of new taxation and compliance standards in the wake of distressed economic conditions and Treasury's movement to drive enhanced transparency. Measures in place or pending include: Proposed Fee on Liabilities of Large Banks . A proposed fee on liabilities...

Final Regulations Clarify FBAR Reporting Requirements

[ Editor's Note: This narrative is derived from Taxation of Financial Institutions § 26.04 (Matthew Bender).] Under the Bank Secrecy Act, financial institutions must report and maintain records for transactions in cash or currency that exceed $10,000. [31 USC § 5313.] The Bank Secrecy...

Final Regulations Clarify FBAR Reporting Requirements

[ Editor's Note: This narrative is derived from Taxation of Financial Institutions § 26.04 (Matthew Bender).] Under the Bank Secrecy Act, financial institutions must report and maintain records for transactions in cash or currency that exceed $10,000. [31 USC § 5313.] The Bank Secrecy...

Currency Transaction Reports

by Prof. William H. Byrnes IV and Robert H. Munro * The Bank Secrecy Act, which sets standards for financial institutions for identifying and preventing money laundering, provides that a Currency Transaction Report, or CTR, must be filed with IRS when there is a currency transaction of $10,000 or...

Politically Exposed Persons (PEPs)

By Prof. William H. Byrnes IV and Dr. Robert J. Munro * Editor's Note: The following is an excerpt from the e-book only title, Money Laundering, Asset Forfeiture and Recovery and Compliance -- A Global Guide , by William Byrnes and Robert Munro. Chapter contributor: Ashley Paulson, Thomas Jefferson...