Virtual Currency Under Federal Anti-Money Laundering Laws: FinCEN Provides Guidance

more+
less-

A lot of companies transact in credits that might be called “virtual currency.” Most of these companies probably do not consider themselves financial institutions. Many have never considered the possibility that they need to register with the Financial Crimes Enforcement Network (“FinCEN”), an agency in the U.S. Treasury. And probably only a few have considered the possibility that they should be reporting suspicious virtual currency transactions to the authorities.

Some of these companies might need to rethink their assumptions in light of a guidance document recently issued by FinCEN, entitled Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies (the “Guidance”).

Virtual currency is an amorphous term, and FinCEN defines it broadly to potentially capture more than just Bitcoin-like systems.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Topics:  Anti-Money Laundering, Bitcoins, FinCEN, Virtual Currency

Published In: Consumer Protection Updates, Criminal Law Updates, Finance & Banking Updates, Science, Computers & Technology Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© K&L Gates LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »