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ARTICLE · 25 AUGUST 2021

Agencies And Regulators Focus On AML Compliance For Cryptocurrency Industry

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This year, regulators, supported by a slate of new legislation, have focused more of their efforts on AML violations and compliance deficiencies than ever before.

United StatesTechnology
Scott Resnik
Scott Resnik
Michael Rosensaft
Michael Rosensaft
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This year, regulators, supported by a slate of new legislation, have focused more of their efforts on AML violations and compliance deficiencies than ever before. As we have written about in the "AML Enforcement Continues to Trend in 2021" advisory, money laundering provisions in the National Defense Authorization Act for fiscal year 2021 (the NDAA) expanded the number of businesses required to report suspicious transactions, provided new tools to law enforcement to subpoena foreign banks, expanded the AML whistleblower program, and increased fines and penalties for companies who violate anti-money laundering provisions. The NDAA, consistent with Treasury regulations, also categorized cryptocurrencies as the same as fiat currencies for purposes of AML compliance.

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