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ARTICLE · 12 MARCH 2020

Trump Administration Plans To Introduce New AML Requirements For Cryptocurrencies

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Treasury Secretary Steven Mnuchin remarked before a hearing of the Senate Finance Committee three weeks ago ...

United StatesTechnology
Garabed H. Koosherian
Garabed H. Koosherian
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Treasury Secretary Steven Mnuchin remarked before a hearing of the Senate Finance Committee three weeks ago that "significant new requirements at FinCEN" for cryptocurrencies would be introduced quickly, in response to Senator Maggie Hassan's (D-NH) question regarding the Treasury Department's proposed use of budget increases for anti-money laundering (AML) and counterterrorism efforts (video of the Senate Finance committee available here, Senator Hassan's question begins at 58:05). Mnuchin's remarks reflect the government's continued focus on AML and counterterrorism efforts. In October of last year, leaders of the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) issued a joint statement regarding such efforts (explored in our post here).

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