Regulatory Alerts2024-09-26
Imposition of Special Measure Prohibiting the Transmittal of Funds Involving PM2BTC
The Financial Crimes Enforcement Network issued a final order effective October 11, 2024, prohibiting covered financial institutions from transmittals of funds involving PM2BTC, a convertible virtual currency exchanger of primary money laundering concern. This action was taken pursuant to the Combating Russian Money Laundering Act after FinCEN determined that PM2BTC facilitates illicit finance, including ransomware payments, sanctions evasion, and fraud, through its significant ties to Russia. The order mandates that domestic financial institutions and agencies block or reject transactions associated with this foreign financial institution to protect the U.S. financial system from Russian illicit finance risks.
Share