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ABA: The American Bankers Association
Compliance News

FinCEN Issues Guidance on Convertible Virtual Currencies

The Financial Crimes Enforcement Network issued guidance on how its regulations apply to money transmission involving convertible virtual currencies. FinCEN said the guidance does not impose new regulatory requirements but rather consolidates existing regulations, administrative rulings and guidance. FinCEN also issued an Advisory to assist financial institutions in identifying and reporting suspicious activity related to criminal exploitation of CVCs for money laundering, sanctions evasion, and other illicit financing purposes.