The United States Financial Crimes Enforcement Network (FinCEN) proposed tightening rules on anti-money laundering and countering the financing of terrorism. The rulemaking touches cryptocurrency companies and exchanges.
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The regulator explains the need for changes by the vulnerability of the U.S. financial system to growing threats. The amendments are designed to modernize the regulatory regime, give financial institutions greater flexibility in resource allocation, and bring the crypto industry into regulators’ sights.
“This will enhance the effectiveness and efficiency of anti-money-laundering programs,” the document states.
FinCEN is currently examining the recommendations of a working group that includes representatives from financial institutions, state and federal law enforcement agencies. They asked for clarification of the requirements for monitoring suspicious activity and reporting.
Earlier this year, FinCEN and the U.S. Treasury announced work on new cryptocurrency rules. The move was prompted by concerns in Congress about the illicit use of assets.
Earlier, Blockchain Research Lab said of the emergence of “exclusive mining.” The new scheme allows criminals to launder money through Bitcoin under the guise of transaction costs.
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