The FinCEN Files Show Banks Don’t Actually Care About Stopping Money Laundering
The massive leak of suspicious activity reports shows how banks let the government know about likely money laundering, then go right on providing services.
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The revelation that the world's foremost financial institutions have been willfully laundering criminal money reminds us that Bitcoin has an unearned reputation. The post FinCEN Files Remind Us That Bitcoin Is Still Not For Money Laundering appeared first on Bitcoin Magazine.
FinCEN has warned U.S. banks that it is closely watching how they respond to crypto risk exposure with their AML programs. The U.S. Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco has warned banks to think seriously about their cryptocurrency risk exposure.During the virtual 2020 ACAMS anti-money laundering Conference in Las Vegas this week, Blanco discussed the obligations of banks in implementing effective anti-money laundering (AML) policies.Current FinCEN regulations (FIN-2019-A003) state that it is the responsibility of all financial institutions to identify and....
Treasury’s Foreign Asset Control (OFAC) and Financial Crime Enforcement Network (FinCEN) have set charges against the Bittrex crypto exchange for violating anti-money laundering rules and the other U.S. sanction programs. Washington-based crypto exchange agreed to pay two fines of $29 million and $24 million to OFAC and FinCEN, respectively. Cryptocurrency growing issues like money laundering […]
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....
Mt. Gox, the world's largest bitcoin exchange, has taken a step towards complying with US money-laundering regulations by registering as a money services business with the US Treasury Department. The Treasury Department's Financial Crimes Enforcement Network, FinCEN, shows on their website that Mt. Gox's registration as a money services business was received on Thursday 27th June. Although this does not constitute approval by FinCEN of Mt. Gox's activities, it is a sign that the bitcoin exchange is willing to abide by US rules in order to continue operating. "In practice, registration with....