Essentially, what FinCEN wants is to require banks, cryptocurrency exchanges, and other money services businesses (MSB) to collect identifying data about anyone who wants to transfer $3,000 or more to or from an “unhosted” wallet.
CipherTrace: Bankers worried by inability to detect crypto payments
With growing legal and regulatory attention on anti-money-laundering laws, the blockchain intelligence firm found 80% of bankers fear sanction violations
The IRS, FBI and other U.S. law enforcement agencies may be trumpeting their success in breaking up everything from child porn rings to al-Qaeda funders, but bankers are not so confident in their ability to even detect crypto-related transactions.
Following indictments, BitMEX upgrades anti-money laundering compliance
After its three founders were indicted by the U.S. Department of Justice, the exchange announced plans to lead “the industry on best practice crypto-asset compliance.”
The move follows last month’s indictment of now-former BitMEX CEO Arthur Hayes, along with co-founders Benjamin Delo and Samuel Reed (the only one arrested), on charges of violating the Bank Secrecy Act and conspiring to violate the Bank Secrecy Act by failing to put sufficient anti-money-laundering safeguards in place.
Crypto still a money launderer’s haven: CipherTrace report
According to the blockchain intelligence firm, 56% of all crypto firms ‘have weak or porous know-your customer processes, meaning money launderers can use’ their services
More than half of all cryptocurrency exchanges are so lax about making customers prove their identity that they can be considered money-launderer friendly.