FinCEN Examinations of Digital Currency Businesses ‘Will Drive Innovation Overseas'
The United States' Financial Crimes Enforcement Network (FinCEN) has announced it is working to investigate a string of digital currency businesses, assessing whether they meet financial regulations for the sector. Announcing the bureau's latest activity was director Jennifer Calvery, speaking at the West Coast AML (Anti Money Laundering) Forum in San Francisco May 6. The three-day event is a chance for federal and state regulators to meet with the government's investigative agencies and other qualified consultants. “Working closely with our delegated BSA examiners at the Internal Revenue....
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US Financial Crimes Enforcement Network (FinCEN) director Jennifer Shasky Calvery said during a speech today that her agency is in the process of investigating businesses in the digital currency ecosystem. Calvery gave the keynote address during the first day of the 2015 West Coast Anti-Money Laundering Forum in San Francisco. FinCEN later published the text of her speech, which acknowledged that "a series of supervisory examinations of businesses in the virtual currency industry" had begun. The announcement comes a day after FinCEN, in conjunction with the US Attorney's Office in the....
The US Financial Crimes Enforcement Network (FinCEN) has reportedly been working with the Internal Revenue Service (IRS) to develop bitcoin training programs for tax examiners. During a speech given today at the ABA/ABA Money Laundering Enforcement Conference in Washington, DC, FinCEN director Jennifer Shasky Calvery said that the agency, one of several in the US with jurisdiction over elements of the bitcoin ecosystem, recently collaborated with the IRS to educate its examiners on relevant aspects of the technology. She remarked: "IRS has an extensive training program for its examiners,....
Major U.S crypto firms are united in opposition to new AML laws proposed by FinCEN, warning they could drive users away from regulated platforms and stifle innovation. Major U.S crypto firms are rallying against FinCEN’s proposed regulations that would force businesses operating with crypto to gather information on the identities of non-customer counterparties.A Jan. 4 letter from Jack Dorsey, CEO of financial services firm Square takes aim at the proposal for seeking to impose reporting obligations that go “far beyond what is required for cash transactions,” and that Sqaure would be....
The Financial Crimes Enforcement Network (FinCEN) has been to date one of the most active - and more controversial - US federal agencies to address the bitcoin ecosystem, doing so through a number of published rulings aiming to provide clarity to the industry. Founded in 1990, the US agency is responsible for collecting information about financial transactions that may be used to support money laundering, terrorist financing and financial crimes. FinCEN first addressed emerging virtual currencies in 2008 and has been simultaneously praised for engaging with the bitcoin ecosystem, while....
Treasury Under Secretary for Terrorism and Financial Intelligence David S. Cohen has issued a firm warning to bitcoin exchanges who haven't yet registered with the Treasury's FinCEN (Financial Crimes Enforcement Network) department. Cohen said that the U. S. Department of the Treasury "know[s] there are many virtual currency exchangers and administrators that have not registered with FinCEN and are not fulfilling their recordkeeping and reporting requirements," at a Bloomberg News event in New York City. "Those that do not comply with these rules should understand that their actions will....