North Dakota Bankers
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Cryptocurrency AML Legislation Introduced

Cryptocurrency AML Legislation Introduced

Posted: Dec 21 2022
Sens. Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) have introduced legislation to extend anti-money laundering and countering of the financing of terrorism requirements to cryptocurrency and digital assets.

According to a summary of the bill, the Digital Asset Anti-Money Laundering Act would extend Bank Secrecy Act responsibilities to parties that facilitate digital asset transactions by directing FinCEN to designate them as money service businesses; direct FinCEN to finalize a 2020 rule requiring banks and MSBs to keep records of certain digital transactions in non-BSA jurisdictions; prohibit financial institutions from using digital asset mixers and other anonymity-enhancing technologies; and direct regulators such as the SEC and Commodity Futures Trading Commission to establish an AML/CFT compliance examination and review process.

“Following the September 11, 2001, terrorist attacks, our government enacted meaningful reforms that helped the banks cut off bad actors from America’s financial system,” Marshall said. “Applying these similar policies to cryptocurrency exchanges will prevent digital assets from being abused to finance illegal activities without limiting law-abiding American citizens’ access.”
 
To read more, visit: https://www.warren.senate.gov/newsroom/press-releases/warren-marshall-introduce-bipartisan-legislation-to-crack-down-on-cryptocurrency-money-laundering-financing-of-terrorists-and-rogue-nations
 

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