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US Will Strictly Enforce Anti-Money Laundering In Crypto

The United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco said that Anti-Money Laundering (AML) laws will be strictly enforced in the world of cryptocurrencies. On Nov. 15, Reuters reported that Blanco made it crystal clear that cryptocurrency companies engaged in money service businesses will have to comply with AML laws and share information about their customers. Travel rule also applies to crypto Speaking at a conference hosted by Chainalysis, a New York-based blockchain …

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CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance

For better or for worse, the cryptocurrency space is coming of age. Since Bitcoin’s rise to mainstream prominence in 2015, there has been increasing recognition of digital assets from government agencies around the world. In turn, new regulations are being imposed to control the way cryptocurrency companies operate and do business globally.  Most recently, the Financial Action Task Force issued new guidelines on how digital assets should be regulated. In order to raise awareness around …

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Anti-Money Laundering Laws Apply to Crypto Too, Says FinCEN Chief

The United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco spoke at the University of Georgetown where he made it clear that Anti-Money Laundering (AML) laws apply to everyone. On Oct. 21, banking trade publication American Banker reported that Blanco said that fintech firms offering cryptocurrency users anonymity must comply with AML laws “just like everyone else.” Blanco highlights responsibilities and the Bank Secrecy Act Blanco seemed to direct his comments toward anonymous crypto …

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SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws

The heads of three U.S. financial regulators warned the cryptocurrency industry to abide by banking laws in a joint statement published Friday. The statement, signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton, “reminds” actors in the crypto space that they must comply with various banking and financial services laws in the U.S., regardless of what they …

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