FinCEN Partners with IRS to Develop Bitcoin Training Program for Tax Inspectors

On November 17, according to foreign media reports, the U.S. Financial Crimes Enforcement Network (FinCEN) has recently been working with the U.S. Internal Revenue Service (IRS) to develop a Bitcoin training program for tax inspectors.

Speaking today at the ABA/ABA Anti-Money Laundering Enforcement Conference in Washington, D.C., FinCEN Director Jennifer Shasky Calvery stated:

“The IRS has an extensive training program for examiners, and CERN often participates in or otherwise facilitates these training sessions. In the area of ​​virtual currency, CERN recently partnered with the IRS to develop and implement a training program for IRS examiners.”

Calverie then stressed that the FBI is reviewing digital currency companies in the United States, which she said will "determine whether virtual currency traders and managers are complying with their obligations under applicable rules."

She also mentioned the C.F.R.I.C.’s enforcement action against Ripple this year, and that the agency will take action once the C.F.R.I.C. determines that a company in the digital currency industry has violated federal law.

"When we identify issues ... we will use our monitoring and enforcement arms to appropriately penalize violations and drive improved compliance," she said.

Conference Focus

It is reported that during the three-day conference, Calvery's speech topic was not the only time Bitcoin was mentioned.

Yesterday and today, the panel focused on "evolving fraud and anti-money laundering risks due to the development of mobile payments and the growth of cryptocurrencies," according to the agenda published on the meeting's website.

Moderated by Aaron Borst, executive director of global KYC at JPMorgan Chase, the panel included André Burrell, senior director of compliance at Microsoft, Amy Kim, attorney at BuckleySandler LLP, and William Voorhees, head of financial intelligence and high-risk business management efforts at Silicon Valley Bank Financial Group.

Original article: http://www.coindesk.com/irs-examiners-bitcoin-training-fincen-experts/
By Stan Higgins
Compiled by: Satuoxi
Editor: Satuoxi
Source (translation): Babbitt Information