Finance & markets · 23/10/2023

FinCEN Proposes Rule to Combat Money Laundering in Virtual Currency Transactions

The US Financial Crimes Enforcement Network (FinCEN) is issuing a notice of proposed rulemaking (NPRM) requiring US financial institutions and agencies to implement recordkeeping and reporting requirements for transactions involving convertible virtual currency mixing, as part of efforts to combat money laundering. This proposal aims to enhance anti-money laundering measures in the US financial sector.