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Law360: Cryptocurrency in for More Anti-Money Laundering ScrutinyJune 06, 2019
The Financial Crimes Enforcement Network (FinCEN) released guidance requiring cryptocurrency businesses and individuals to comply with anti-money laundering requirements of the Bank Secrecy Act. O’Melveny senior counsel Laurel Rimon, a former federal prosecutor, believes FinCEN is alerting the industry to potential enforcement action.
“I really see this as a doubling down by FinCEN on what they have been saying all along, that I think many in the emerging industry have wanted not to believe. Which is, ‘Yes really, these rules apply to you, even though the products you are developing don't fit neatly within them,’” says Rimon. She continues, “this isn't something that naturally fits the way blockchain transactions work. Frankly, I don’t think FinCEN has done a great job so far in addressing this particular issue.”