FinCEN Obliged Insurance Companies To Report Cryptocurrency Transactions
The financial crimes enforcement network (FinCEN) has obliged American financial institutions to provide information on real estate transactions carried out with virtual currency.
In particular, the requirements affect companies that are engaged in property rights insurance. The firms are required to disclose information about customers and transactions in excess of $300,000 when buying property in New York, Florida, California, Texas and Hawaii.
In addition to purchases with virtual currency, FinCEN has obliged companies to inform about transactions with cash, checks or money orders.
Recall, in August, the chairman of FinCEN said that his office received more than 1,500 reports of suspicious activity associated with cryptocurrencies on a monthly basis.