On May 9, 2019, FinCEN, the U.S. federal agency charged with combating money laundering, issued two new interpretive documents of interest to the crypto community. The first is interpretive guidance titled “Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies”. The second document is an “Advisory on Illicit Activity Involving Convertible Virtual Currency”.
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FinCEN
FinCEN Announces First Enforcement Action Against Peer-to-Peer Virtual Currency Exchange
By Scott H. Kimpel on
Posted in Regulatory
On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) announced its first enforcement action against a peer-to-peer virtual currency exchanger, which also included its first civil monetary penalty against a virtual currency exchanger, for failure to file Currency Transaction Reports (“CTRs”).…
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AML and Sanctions Compliance Issues Facing Cryptocurrency Companies
By Scott H. Kimpel & Mayme Beth Donohue on
In an article written by Hunton Andrews Kurth lawyers in Crowdfund Insider, Richard Garabedian and Shaswat Das discuss the Financial Crimes Enforcement Network’s enforcement actions and related compliance issues. This blog contains a link to the full article. …
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