Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
FinCEN reopens comment period on CVC/LTDA proposal
On January 15, FinCEN published [86 FR 3897] a supplemental notice of proposed rulemaking on recordkeeping and reporting of certain transactions involving convertible virtual currency (“CVC”) or digital assets with legal tender status (“legal tender digital assets” or “LTDA”), identifying additional authority for its proposed rule published on December 23, 2020, providing additional information regarding the reporting form, and reopening the comment period.
FinCEN is providing an additional 17 days (through 2/1/2021) for comments on the proposed reporting requirements regarding information on CVC or LTDA transactions greater than $10,000, or aggregating to greater than $10,000, that involve unhosted wallets or wallets hosted in a jurisdiction identified by FinCEN. FinCEN is providing an additional 45 days (through 3/1/2021) for comments on the proposed requirements that banks and MSBs report certain information regarding counterparties to transactions by their hosted wallet customers, and on the proposed recordkeeping requirements.
In the supplemental notice, FinCEN said that a final rule implementing the proposed reporting requirements would be effective 30 days after its publication, except that the requirement to report counterparty information (if adopted) would not take effect for 60 days.
- UPDATE: FinCEN has taken several actions on this proposal. See our original Top Story where we've included a complete list of those actions.