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ARTICLE · 24 OCTOBER 2019

Agencies Highlight AML/CFT Compliance Obligations For Digital Asset Transactions

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In a joint statement, the CFTC, FinCEN and the SEC reminded firms engaged in digital asset transactions to comply with the AML and countering the financing of terrorism ("CFT")

United StatesGovernment, Public Sector
Christian Larson
Christian Larson
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In a joint statement, the CFTC, FinCEN and the SEC reminded firms engaged in digital asset transactions to comply with the AML and countering the financing of terrorism ("CFT") obligations under the Bank Secrecy Act ("BSA").

Agency leaders underscored the "financial institutions" subject to the obligations, including futures commission merchants ("FCMs") and introducing brokers ("IBs") obligated to register with the CFTC, money services businesses ("MSBs") obligated to register with FinCEN, and broker-dealers and mutual funds obligated to register with the SEC. The agencies also reminded financial institutions that the categorization of "digital assets" as securities, commodities, futures, or swaps is determined for regulatory purposes by the relevant facts and circumstances, not by any label or terminology market participants use to describe a particular digital asset.

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