Who does the BSA apply to?

The rule can apply to an individual, a company, corporation, partnership, association, trust, or an estate. Form 8300 must be filed by the 15th day after the cash transaction took place. This requirement is applicable if any part of the cash transactions occurs within the United States, its possessions, or territories.

What is covered under EFTA?

The Electronic Fund Transfer Act (EFTA) protects consumers when transferring funds electronically. Protection under the EFTA includes transfers made via ATMs, debit cards, direct deposits, point-of-sale, and phone.

What is Section 326 of the Patriot Act?

Under section 326 of the Act, the regulations issued by Treasury must require banks to implement and comply with reasonable procedures for verifying the identity of any person seeking to open an account, to the extent reasonable and practicable.

What is required on a CTR?

Filing Obligations A bank must electronically file a Currency Transaction Report (CTR) for each transaction in currency1 (deposit, withdrawal, exchange of currency, or other payment or transfer) of more than $10,000 by, through, or to the bank.

What regulation is EFTA?

The EFTA is implemented through Regulation E, which includes an official staff commentary. In 2009, the Federal Reserve Board amended Regulation E to prohibit institutions from charging overdraft fees for ATM and point of sale (POS) transactions unless the consumer affirmatively consents (74 Fed.

Does EFTA apply to business accounts?

It does not protect business accounts or preauthorized plans. These are automatic transfers from an account that is held in a financial institution’s name to an account that is held by the consumer. Reg E protections and the Electronic Funds Transfer Act also do not apply to all electronic funds transfers.

What is Section 311 of the Patriot Act?

Section 311 of the USA PATRIOT Act added 31 USC 5318A to the BSA, which authorizes the Secretary of the Treasury to require domestic financial institutions and domestic financial agencies to take certain special measures against foreign jurisdictions, foreign financial institutions, classes of international …

How do tax regulations impact forex traders?

Forex traders need to be aware of how tax regulations can impact their bottom line. According to the IRS, Forex options and futures traders, as well as spot Forex traders, need to file their capital gains under either Section 988 or Section 1256.

How are Forex futures and options gains taxed?

Tax rate: Forex futures and options traders, just like retail Forex traders, can tax their gains under the 60/40 rule, with 60\% of gains taxed with a maximum rate of 15\%, and 40\% of gains taxed with a maximum rate of 35\%.

Do you need to file capital gains tax on Forex trading?

According to the IRS, Forex options and futures traders, as well as spot Forex traders, need to file their capital gains under either Section 988 or Section 1256. The latter of the two was first intended for options and futures traders, but spot FX traders can change their status from Section 988 to Section 1256 as well.

Why does the US government require reporting of foreign financial accounts?

The U.S. government requires reporting of foreign financial accounts because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. Since 1970, the Bank Secrecy Act requires U.S. persons to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have: