Blanco To Apply AML Laws to Crypto

Kenneth Blanco, the United States Financial Crimes Enforcement Network (FinCEN) Director, talked at the University of Georgetown. And he explained that the Anti-Money Laundering (AML) laws must apply to everyone.

In addition to that, banking trade publication American Banker announced on October 21 that Blanco stated fintech firms offering cryptocurrency users anonymity must follow AML laws.

Then, Blanco seems to direct his words toward the anonymous crypto payments system. And they might conceal criminal activity or allow users to engage in criminal behavior anonymously.

In the speech, the FinCEN head highlighted the key objective of the AML policy. It is to get details about the people involved in the transaction. He stated, “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.”

Moreover, Blanco spoke to the audience that it is not hard to have that information. They will just ask for name, address, account number, transaction, recipient, and amount. He explained, “So when you tell me you don’t know who’s on the other side, you’ve got a big problem.”

Aside from that, he is pushing that they need to know, and that is their expectation.

Top 20 Coins and Bitcoin

Meanwhile, on Monday, cryptocurrency markets have been trading sideways after being green. And Bitcoin (BTC) continues to waver around $8,200. The leading coin declined 0.39%, and it recently traded at about $8,186. When it comes to its monthly performance, Bitcoin is still down by nearly 19%.

Furthermore, Bitcoin advocates are all eyes on the May 2020 block reward halving this week. At the same time, the effect on price becomes more apparent. Several community members pointed out that the event next year will cut down the amount of new Bitcoin in circulation. And it will be up to $63 million per week at current prices.