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The Financial Crimes Enforcement Network (FinCEN), a bureau
within the U.S. Treasury Department, has proposed a new rule to
bring convertible virtual currencies (CVC) and legal tender digital
asset transactions (LTDA) within the existing anti-money laundering
(AML) and know your customer (KYC) regulatory framework
under the Bank Secrecy Act (BSA).
Specifically, the proposed rule would add a determination that
CVCs and LTDAs constitute monetary instruments for the purposes of
31 U.S.C. 5313, which establishes the reporting requirements under
the BSA, and impose record keeping and reporting requirements for
CCI Publishes “Analysis Of Bitcoin s Use In Illicit Finance,” By Former CIA Acting Director Michael Morell
Findings Debunk “Conventional Wisdom” About Bitcoin’s Use for Illicit Purposes, Conclude Blockchain Technology is an Underutilized Crime-Fighting Tool WASHINGTON D.C., UNITED STATES, April 13, 2021 /EINPresswire.com/ The Crypto Council for Innovation (CCI), an alliance of crypto industry leaders, today published a study entitled, “An Analysis of Bitcoin’s Use in Illicit Finance,” authored by Michael Morell, former Acting Director, Deputy Director and Director of Intelligence at the Central Intelligence Agency (CIA). The paper, available on the CCI website, examines the general assertion that the Bitcoin market is rife with illicit activity and concludes that:
Digital Virtual Currency Depository Market May See a Big Move sandiegosun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sandiegosun.com Daily Mail and Mail on Sunday newspapers.
In Short
The Situation: The Securities and
Exchange Commission s Division of Examinations
( EXAMS ) released a Risk Alert on March 29, 2021, reminding
broker-dealers of their obligation to comply with anti-money
laundering ( AML ) requirements imposed by the Bank
Secrecy Act ( BSA ) and related regulations in
particular, those relating to the filing of Suspicious Activity
Reports ( SARs ).
The Result: The Risk Alert highlighted
deficiencies observed by EXAMS and encouraged broker-dealers to
review and improve their AML policies, procedures, and controls
related to the monitoring and reporting of suspicious activity.
Looking Ahead: The Alert, together with
EXAMS 2021 Examination Priorities, signals a continuing focus
by the SEC on AML issues. To diminish the possibility of an
Digital Virtual Currency Depository Market May See a Big Move texasguardian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from texasguardian.com Daily Mail and Mail on Sunday newspapers.