Kenneth A.Blanco, the director of FinCEN (Financial Crimes Enforcement Network)has shared, that the agency has recently faced with an increased number of crypto-related suspicious activity reports. The number of claims now exceeds 1,500 per month.
Mr. A.Blanco highlighted, that the main role of FinCEN is law enforcement for the emerging cryptocurrency market in order to make it safer and more user-friendly. That’s why, if a company wants to operate in the USA market, it should comply with a number of requirements and specific regulatory measures.
According to the valid legislation, any transfer or any acceptance of value that can be substituted by fiat money, is regarded as money transmission and should comply with the existing legal requirements, including the Anti-Money Laundering Act. This applies as well to the businesses that are trying to anonymize the sources and conceal the source of the transmission.
The agency provides monitoring of both exchanges located in the USA and outside of the country. However, the FinCEN head claims, that he was very surprised to see, that many businesses take appropriate measure to comply with the valid legislation only after they receive an official warning concerning their activities. As well, Mr. Blanco warned potential investors about ICO offerings.