Regulatory Alerts2023-10-19
Added
Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transactions of Primary Money Laundering Concern
FinCEN proposes requiring domestic financial institutions and domestic financial agencies to implement recordkeeping and reporting requirements for transactions involving convertible virtual currency mixing. This proposal is based on a finding that such transactions constitute a class of primary money laundering concern under section 311 of the USA PATRIOT Act. Written comments on this notice of proposed rulemaking must be submitted on or before January 22, 2024.