FinCEN Conducting 'Examinations' of Digital Currency Businesses
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....
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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....
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,....
The US Financial Crimes Enforcement Network (FinCEN) released new guidance on 14th February for financial institutions seeking to provide services to marijuana-related businesses, ending a long silence that has caused confusion among those in both industries. FinCEN indicated that financial services companies can now work with marijuana-related businesses in states where the drug has been legalized for medical or recreational purposes. This is provided it is "in a manner consistent with their obligations to know their customers and report possible criminal activity". Said the agency:....
FinCen has issued two basic administrative rulings over digital currencies. The first one relates to the application of FinCEN regulations to a virtual currency trading platform, while the second discusses the application of FinCEN regulations to a virtual currency payment system. In ruling FIN-2014-R011, FinCen states that any and all digital currency exchanges must become licensed as a money transmitter including: On the exchange you are buying/selling bitcoins. The exchange carries the burden of giving you legal tender or a different cryptocurrency. According to the FinCen, regulations....
The Financial Crimes Enforcement Network (FinCEN) has sent out warning letters to bitcoin-related businesses notifying them that they must comply with federal money transmission laws, according to reports. FinCEN, a unit of the US Treasury Department, has sent out "industry outreach" letters regarding anti-money laundering practices. Around a dozen letters have been delivered to bitcoin businesses so far. Back in November, Jennifer Shasky Calvery, the head of FinCEN, suggested at a Senate hearing that virtual currency exchanges and administrators should do three things: register with....