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Blanco on Applying AML Laws to Everyone

FinCEN (Financial Crimes Enforcement Network) Director Kenneth Blanco recently spoke at the University of Georgetown. And he cleared out that the Anti-Money Laundering (AML) laws must apply to everyone.

On October 21, American banker, a banking trade publication, reported that Blanco wants the fintech firms offering cryptocurrency users anonymity to comply with AML laws just like everyone.

Furthermore, the comments of Blanco look like it is mentioning anonymous crypto payment systems. And they could hide criminal activities or allow users to join in criminal behavior anonymously. The FinCEN head even emphasized to the key objective of AML policy. And that its to obtain information about people involved in the payment transaction.

Aside from that, earlier this month, the chairmen of the three primary financial regulators in the U.S. published a joint statement. It warns crypto users of AML and Combating the Financing of Terrorism obligation. Also, they noted crypto firms that they are subject to the Bank Secrecy Act (BSA). Blanco stated, “Your BSA obligations are still going to be there.”

He also added that it doesn’t matter what kind of firm they were; they all need to comply.

Blanco did not mention Facebook’s Libra stablecoin. However, he explained that as long as it involves FinCEN, there will be no distinction with stablecoins or other kinds of cryptocurrency.

Bitcoin Aourn $8,200

On Monday, similarly, cryptocurrency markets were trading sideways following its movement in the green. And Bitcoin (BTC) was hovering around $8,200. The leading crypto coin declined 0.39% and is recently trading about $8,186. Also, Bitcoin is still down by almost 19% in its monthly performance.

On the other hand, Ether (ETH) is also trading sideways. It fell by 0.06%. The leading altcoin recently trades at about $174.53. And its market cap is more than $18.8 billion on October 21.

 

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