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.
Monero’s compliance workgroup concludes that FinCEN Funds Travel Rule does not apply to underlying assets and cryptocurrencies such as XMR.
Monero Compliance Workgroup Says XMR Exempt From Funds Travel Rule
FinCEN’s director says the crypto industry has embraced the agency’s reporting guidelines and are internalizing it into their own reporting and operations.
FinCEN Director Notes Improved Oversight of Cryptocurrency Industry
FinCEN Director Kenneth Blanco said that Anti-Money Laundering laws will be strictly enforced in the world of crypto.
FinCEN Chief: US Will Strictly Enforce Anti-Money Laundering In Crypto
Crypto companies will need to comply with FATF regulations by June 2020, but there are still many potential stumbling blocks.
CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance
FinCEN Director Kenneth Blanco says that the agency expects fintech firms that provide anonymous services to comply with Anti-Money Laundering standards.
Anti-Money Laundering Laws Apply to Crypto Too, Says FinCEN Chief
Will Binance’s entry into the U.S. market pave the way for other prominent exchanges as well?
Launch of Binance US Can Have Far-Reaching Effects on Crypto Market
The United States Congress passed a bill that calls for the director of FinCEN to study blockchain in its fight against financial crime.
US Congress Asks Financial Crime Director to Study Blockchain Tech