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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...

Additional FBAR Relief for Certain Foreign Financial Account Signatories

by Keith J. Blum , Partner - Boies, Schiller & Flexner LLP On June 16, 2011, the IRS, in Notice 2011-54, further extended the deadline from June 30, 2011, to November 1, 2011, for the filing of the Report of Foreign Bank and Financial Accounts (FBAR) for persons with no financial interest in a...

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...

Sutherland Legal Alert: FinCEN Extends Due Date for Certain FBAR Filers

By Robb Chase and Amanda Pugh On February 14, 2012, the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) issued Notice 2012-1, which extended the filing deadline for both the 2010 and 2011 Report of Foreign Bank and Financial Accounts (FBARs) to June 30, 2013, for certain...

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...