Does my state have additional AML requirements beyond the federal ones for my foreign-owned LLC?
My foreign-owned LLC is registered in New York. I know about the federal BSA/AML requirements from FinCEN. But someone mentioned that New York has its own AML rules that are even stricter than the federal ones. Is this true? Do I need to worry about state-level AML compliance on top of everything federal? Are other states like Delaware, Wyoming, and Florida the same? I chose New York because my business is there but now I am wondering if I should have picked a different state.
Related Questions
What is the Bank Secrecy Act and how does it affect my foreign-owned LLC?
I recently formed a single-member LLC in Delaware as a non-resident from the UK. My accountant mentioned something about the 'Bank Secrecy Act' and said I need to be aware of it as a foreign owner. I ...
What should an AML compliance program look like for a foreign-owned LLC that is classified as an MSB?
My foreign-owned LLC provides currency exchange services for tourists and has been classified as a Money Services Business. FinCEN says I need a written AML compliance program. I am a small operation ...
We may have crossed into money transmission last quarter. Does the FinCEN registration clock really start that fast?
Our crypto app originally launched as a wallet tool, but after a product change we now routinely receive digital assets from one customer and transmit value to another. Only now is the legal team tell...
Do I need an AML compliance program for my foreign-owned single-member LLC?
I own a consulting LLC in Wyoming as a Canadian citizen. A friend who works in banking told me I need an 'AML compliance program' for my LLC. I looked this up and it seems like something only banks an...
My foreign-owned LLC runs a cash-intensive business — what extra AML requirements do I face?
I am a Mexican citizen with a U.S. LLC that operates food trucks in Houston. Most of my daily revenue is cash — usually $2,000 to $5,000 per day across three trucks. I deposit cash at the bank two or ...
My foreign-owned LLC accepts cryptocurrency payments — what AML rules apply to crypto transactions?
I am a Turkish citizen with a U.S. LLC that sells software licenses. I recently started accepting Bitcoin and USDT payments from international customers because wire transfer fees were eating into my ...
What AML rules apply when my foreign-owned LLC buys or sells real estate in the U.S.?
I am a Chinese citizen with a U.S. LLC and I want to invest in residential rental properties in California. I plan to buy properties through my LLC using funds from my personal savings in China. I hav...
Our startup only buys and sells crypto for its own treasury. Are we a FinCEN money transmitter or just a user?
We are a crypto startup with a U.S. entity, but the business model right now is not customer-facing. We buy and sell digital assets only for the company's own account and do not accept customer funds ...
My foreign-owned LLC collects payments from customers and pays freelancers — am I a money transmitter?
I own a foreign-owned LLC that runs a freelance marketplace platform. Clients pay my LLC for projects, and then my LLC pays the freelancers after taking a commission. A lawyer friend warned me that th...
We blocked sanctioned crypto on our platform. Do we have to liquidate it into dollars or put it in an interest-bearing account?
Our compliance team blocked virtual currency connected to a sanctioned person, but treasury is now asking how the blocked property must actually be held. One internal view is that we should immediatel...
Have a similar question?
ForeignLLCTax members get expert answers with IRS citations. One CPA consultation costs $200+. Full access is $9.99/month.
Become a Member — $9.99/moDisclaimer: All content on ForeignLLCTax.com is created by a tax professional and is provided for general educational and informational purposes only. It does not constitute tax, legal, or accounting advice, and should not be relied upon as such. Every tax situation is different — for advice specific to your circumstances, please consult a licensed CPA, Enrolled Agent, or tax attorney. By using this website, purchasing a subscription, or accessing any tools or services, you acknowledge that no client-professional relationship is established between you and ForeignLLCTax.com or its operators. This website is not affiliated with the IRS.
