On June 1, 2019, the Financial Action Task Force (FATF) officially adopted what is known as the Travel Rule. Prior thereto, those that engaged in wire transfers of fiat currencies were already required to share a range of information about such transfers. The Travel Rule extended these anti-money laundering and counter-financing of terrorism (AML/CFT) obligations to cryptocurrency transfers valued at USD 1000 or more and applies to Virtual Asset Service Providers (VASPs) such as cryptocurrency…
On May 13, 2020, Kenneth A. Blanco, the Director of the U.S. Financial Crimes Enforcement Network (“FinCEN”) delivered a speech at the ConsenSys Blockchain Conference. As Mr. Blanco notes in his speech, FinCEN is the primary regulatory and administrator of the Bank Secrecy Act (“BSA”), which serves as the legal architecture for anti-money laundering and counter terrorism financing in the U.S. FinCEN collects and analyzes information about financial transactions in order to combat domestic and…