Financial Crimes Enforcement Network (FinCEN) established that transactions carried out with cryptocurrencies will be a national priority in order to prevent and neutralize the financing of terrorism and money laundering. In this connection, it will be issuing some regulations that specify the measures that financial institutions they must incorporate within their operational processes.

According to the regulator, “the establishment of these priorities is intended to help all covered institutions in their efforts to comply with their obligations” under the related laws and regulations. That is why they will be closely monitoring the crypto industry within their main objectives to combat money laundering.

FinCEN admits that not all priorities apply to institutions, as they will depend on their purpose, but each must conduct a comprehensive analysis of obligations, once published, to adapt and assume them within the framework of the “broader institution AML program based on risks.”

On the other hand, the regulatory body referred to cryptocurrencies as “convertible digital currencies or CVCs”, which have become preferred financial instruments for different actors to carry out different illegal activities. It is the preferred form of payment to buy illicit goods such as ransomware tools or even to acquire nuclear weapons.”

It is important to remember that the current US president, Joe Biden, froze the regulation, supported by FinCEN, which was intended to supervise cryptocurrencies in self-questioned wallets, on the grounds that all banks and financial institutions verify the identity of the clients who carry out transactions with cryptocurrency wallets.

M.Rodríguez

With information from international media

La entrada FinCEN works on cryptocurrencies regulation apareció primero en Bitfinance.