The Financial Crimes Enforcement Network, or FinCEN, is a bureau of the U.S. Department of the Treasury that specializes on analysis of all financial operations in order to prevent terrorist financing, money laundering, etc. FinCEN was founded in 1990 and currently is headquartered in Vienna, VA. In 2013, FinCEN issued Bitcoin and virtual currency guidance concerning creating, obtaining, distributing, exchanging, accepting or transmitting virtual currencies. By this guidance, the companies that provide cryptocurrency-related services must report all data to the government so that it can prevent money laundering. There are also definitions for various kinds of cryptocurrency users and their responsibilities while working with digital currencies.
Former CEO Arthur Hayes and other executives at the firm are still likely to face charges on alleged violations of the Bank Secrecy Act.
BREAKING: BitMEX will pay $100M in penalties to FinCEN, CFTC
FinCEN digital currency adviser Michele Korver believes cryptocurrency is a natural evolution in financial technology.
FinCEN's new digital currency advisor says crypto's 'just another means of payment'
The SEC’s approach to crypto must be modified to more clearly articulate how securities laws should apply to digital assets.
It is time for the US to create a ‘Ripple test’ for crypto
Michele Korver’s appointment to the U.S. Financial Crimes Enforcement Network promises to reduce illicit financial practices within the crypto space.
DoJ’s crypto czar joins FinCEN in brand-new role: Why it matters
Michele Korver has been involved in crypto-focused Anti-Money Laundering operations since as early as 2013.
BREAKING: US financial regulator FinCEN hires its first-ever chief digital currency adviser
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FinCEN will soon issue regulations on how financial institutions should incorporate its priorities on crypto considerations into their AML programs.
FinCEN lists cryptocurrencies as top AML and CFT priorities