Proposed FinCEN Rule on Crypto Wallets Would Likely Be Ineffective, Elliptic Says
Wallets
Updated Dec 31, 2020 at 7:38 p.m. UTC
Proposed FinCEN Rule on Crypto Wallets Would Likely Be Ineffective, Elliptic Says
The U.S. Treasury Department’s proposed rules requiring users to comply with know-your-customer (KYC) requirements if they want to send their crypto from an exchange to a private wallet could end up being ineffective, according to blockchain analytics firm Elliptic.
In its published response to the rule, Elliptic said the rules could “adversely impact” the effectiveness of existing anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations.
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Cybercriminals look to cash in on the vaccine rollout, including by falsely offering to help people jump the line
The US Department of Treasury has added its voice to a growing chorus of warnings about ransomware attacks, fraud and other cybercrimes that attempt to exploit the rollout of COVID-19 vaccines.
“The Financial Crimes Enforcement Network (FinCEN) is issuing this Notice to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution,” reads an alert by FinCEN, a bureau of the Treasury Department.
The warning notes that “cybercriminals, including ransomware operators, will continue to exploit the COVID-19 pandemic alongside legitimate efforts to develop, distribute, and administer vaccines”. With that in mind, FinCEN urged banks and other financial institutions to keep an eye out for ransomware targeting vaccine distribution and th
Updated Jan 1, 2021 at 5:22 p.m. UTC
Why Crypto Crosses ‘The Chasm’ in a Post-Coronavirus World
It is often said that Julius Caesar brought the Roman Republic to an end when he crossed the Rubicon River with the 13th Legion of the Roman Republican Army on Jan. 10, 49 BC, starting the civil war that would leave him dictator.
This post is part of CoinDesk s 2020 Year in Review – a collection of op-eds, essays and interviews about the year in crypto and beyond. Teddy Fusaro is chief operating officer at Bitwise Asset Management, a crypto asset management firm. He previously held positions at IndexIQ, Direxion Investments and Goldman Sachs.
Overview
On December 11, 2020, the Senate passed the National Defense
Authorization Act for Fiscal Year 2021 ( NDAA ). The NDAA
was previously passed by the House of Representatives and includes
the Anti-Money Laundering Act of 2020 ( AMLA ) a
sweeping reform designed to modernize and strengthen the United
States financial crime monitoring system. Most central to the AMLA
is the creation of a central registry to track the beneficial
owners of business entities registered in the United States. In
addition to the registry, the AMLA seeks to expand the Bank Secrecy
Act ( BSA ) and Patriot Act regimes, by directing the
Financial Crimes Enforcement Network ( FinCEN ) to
FinCEN Recordkeeping and Identity Verification Requirements natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.