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Kenneth Blanco – Director of The US Financial Crimes Enforcement Network (FinCEN) ) – said that Anti-Money Laundering (AML) laws will be strictly enforced in the world of cryptocurrencies.
On Nov 15, Blanco made clear that cryptocurrency companies engaged in money service businesses will have to comply with AML laws and share information about their customers.
Speaking at a conference hosted by Chainalysis, a blockchain analysis company in New York, Blanco told the audience that the so-called travel rule also applied to digital currencies and that the government expects crypto firms to comply. He added:
“It [travel rule] applies to CVCs [convertible virtual currencies] and we expect that you will comply, period. […] That’s what our expectation is. You will comply. I don’t know what the shock is. This is nothing new.”
In what has now become known as the travel rule, the Financial Action Task Force (FATF) guidelines require regulators and Virtual Asset Service Providers (VASPs) to collect and share personal data of transactions. The recommendation imposes the same standards on the cryptocurrency sector as are normally shouldered by the banking industry.
Blanco further pointed out that FinCEN has been conducting investigations that include compliance with the travel rule since 2014, adding that it is the most commonly cited violation among money service businesses engaged in digital currencies.
In October, spoked at the University of Georgetown where Blanco said that AML laws apply to everyone. He pointed to the key objective of AML policy, which is obtaining information about who is involved in a given payment:
“There is a reason you want to know … the person on the other side of that transaction — they might be dealing in some kind of illicit activity. Whether it’s opioids … or human smuggling on the other side … you want to know who that person is.”
Blanco told the audience at the time that it is not that hard to obtain that information. “All we’re asking for is name, address, account number, transaction, recipient, and amount,” he commented:
“So when you tell me you don’t know who’s on the other side, you’ve got a big problem. Because you are required to know, and that is what our expectation is going to be.”
What’s your point of view? Do you agree with the AML policy? Please comment and let’s discuss more about that.
Reference: Cointelegraph
The end of 2019 is happening with many interesting events. The current Coinmarketcap (CMC) event at Victoria Theater (Singapore) is still bringing more curiosity to the audiences. The founders of CMC (Brandon Chez) and Capital (Sunny King) are shown up with masks and a voice changing system.
After the short talk from the founders, we will discover more feature of CMC likes: new UI, earn crypto from crypto, liquidity ranking for exchanges and etc…
Of course the giant exchange Binance should be here to introduce his service. Different from previous events, today, CZ (CEO of Binance) shared with us stories about Binance’s beginnings from 2017: 2BTC dinner, Binance’s ICO process, the approach of Binance Malta and so on …
People will forget all the events if there were no free gifts for them. There is a free registration to attend the event, and of course there are free gifts for participants. You can also network to reach your potential customers. Using the Brella event-free app (available on iOS and Android) with coinmarketcap pass. The same password is used for Wifi Capital during the event.
You also can join with Xeonbit for the meet up tomorrow @ MBS
https://www.facebook.com/events/425496758148098/
All the best for the success of Crypto-world
