FinCEN Director: “Cryptocurrency companies must comply with FATF rules”

Director of the US Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco said that in cryptocurrencyspace must comply with the requirements to combat money laundering.

Kenneth Blanco emphasized thatcryptocurrency companies need to adhere to the rules provided by the Financial Action Task Force on Money Laundering (FATF) and provide the authorities with the necessary information about users of digital assets.

“The rules should also apply to digitalcurrencies, and we expect you to agree. This is what we expect. You will come to terms with this. I don’t know what’s shocking here. This is nothing new, ”Blanco said at a conference held by Chainalysis.

The rules developed by the FATF suggest thatcryptocurrency companies will share with regulators the personal data of people conducting transactions. Approximately the same requirements are observed by banking organizations.

Blanco said that it’s a violation of theserules becomes the most widespread crime committed by cryptocurrency companies. In addition, he recently stated that FinCEN carefully monitors cryptocurrency companies and will not allow violations of the law.

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