FinCEN Names Misuse of Cryptocurrencies a National Priority
The Financial Crimes Enforcement Network (FinCEN) has named “cybercrime, including relevant cybersecurity and virtual currency considerations” a national priority. In particular, the Treasury is concerned about the “misuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.” FinCEN, a bureau of the U.S. Department of the Treasury, published its “Anti-Money Laundering and Countering the Financing of Terrorism National Priorities” last week. One of the priorities listed is....
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Following the Financial Crimes Enforcement Network (FinCEN) explaining the misuse of cryptocurrencies is a national priority last week, the bureau announced on Tuesday it hired its first-ever chief digital currency advisor. FinCEN’s acting director Michael Mosier detailed that Michele Korver will be the bureau’s new crypto expert and she brings “a wealth of digital currency expertise.” FinCEN Enlists Former DOJ Digital Currency Counsel as New Chief Digital Currency Advisor FinCEN, the U.S. regulator that combats domestic and international financial crimes, has....
FinCEN will soon issue regulations on how financial institutions should incorporate its priorities on crypto considerations into their AML programs. The United States’ Financial Crimes Enforcement Network will continue to closely follow the cryptocurrency industry as one of its top priorities for combating crimes like money laundering.FinCEN officially announced Thursday that “virtual currency considerations,” or operations involving cryptocurrencies like Bitcoin (BTC), will be among its top national priorities for countering terrorism financing and ensuring proper Anti-Money Laundering....
Janet Yellen, the new U.S. Treasury Secretary, has warned about “a growing problem” from “the misuse of cryptocurrencies.” She emphasized that “cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism.” Janet Yellen Warns of Cryptocurrency Risks The U.S. Department of the Treasury hosted its inaugural Financial Sector Innovation Policy Roundtable on Feb. 9 and 10. “The Roundtable brought together policymakers and regulators with experts from the private sector to exchange....
The Federal Bureau of Investigation (FBI) has launched a new unit to tackle crypto exploitation. The new team will work with the National Cryptocurrency Enforcement Team of the Department of Justice (DOJ) to combat “the criminal misuse of cryptocurrencies.”
FBI Establishes New Crypto Unit; DOJ Appoints First Director for National Cryptocurrency Enforcement Team
The Federal Bureau of Investigation (FBI) has launched a new crypto unit. According to an announcement by the U.S. Department of Justice (DOJ):
The FBI’s new Virtual Asset Exploitation Unit [is]....
The Financial Crimes Enforcement Network (FinCEN) has announced that it will soon propose new regulation affecting cryptocurrency holdings at foreign exchanges. This proposal is separate from the one FinCEN recently proposed on cryptocurrency wallets. FinCEN’s New Crypto Rules FinCEN, a bureau of the U.S. Department of the Treasury, issued a notice on Thursday regarding a new filing requirement for cryptocurrencies. FinCEN detailed: Currently, the Report of Foreign Bank and Financial Accounts (FBAR) regulations do not define a foreign account holding virtual currency as a type of....