The Financial Crimes Enforcement of the United States of America, FinCEN will soon be issuing regulations on the incorporations of the financial institutions with crypto considerations in their AML programs. The regulatory body has added cryptocurrencies to the list of priorities for fighting the crimes such as money laundering.
As announced officially by the regulatory body on Thursday, the operations of the financial institutions that involve BTC or any other cryptocurrencies are going to be on top in its list of countering terrorism funding and AML policies ensuring.
FinCEN elaborated further on the issue and revealed that it is going to release specifications on how the institutions should operate with these crypto-assets and said:
In addition to this, the regulatory body clarified that not every priority is going to be pertinent to every situation that is covered and hence, noted:
This news of adding cryptocurrencies to the top of the watchlist by FinCEN came after the remark of the Undersecretary for Terrorism and Financial Intelligence of the Treasury, Brian Nelson.
Nelson made an announcement in the month of June at the Senate hearing that he is going to push for the implementation of the Anti-Money Laundering Act of 2020 along with some rules and regulations around cryptocurrency.
Well, it should be noted that the increased attention to the crypto industry came after the freezing of the rule to monitor crypto on self-hosted wallets of the FinCEN by Joe Biden as one of the very first presidential actions in the office.