USA agencies define AML obligations applicable to digital assets

It has been defined that digital assets holders are to follow anti-money laundering laws and to report suspicious activity.

The Securities Exchange Commission (SEC), the Futures Trade Commission (FTC) and the Financial Crimes Enforcement Network (FinCEN) produced a common notice clarifying that firms holding digital assets are subject to AML Law, to bank secrecy and counterterrorist-financing laws when using digital assets.

This means that transaction with all types of digital assets (E.G. Cryptocurrencies) fall into the scope of the different laws, as well as customer protection rules; terminating the debate regarding the statutory obligations linked to the handling and trade of such assets.

As per the reported information, the notice definend that: “Bank Secrecy Act obligations that apply to a broker-dealer in securities, mutual fund, futures commission merchant or introducing broker – such as developing an anti-money laundering program or reporting suspicious activity – apply very broadly and without regard to whether the particular transaction at issue involves a ‘security’ or a ‘commodity’ as those terms are defined,”



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker