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Published today on KYC360 (riskscreen.com)

My new article Checking the Bitcoin Box. It’s about the December 2020 FinCEN Notice of Proposed Rulemaking (NPRM) that would make banks and MSBs keep records of transactions over $3000 and report transactions over $10,000 (aggregations over a 24-hour period, too) involving cryptocurrency and “legal tender digital assets” (LTDA – like Venezuela’s petro, Russia’s cryptoruble, etc.) that involve transfers to or from “unhosted wallets” (virtual currency wallets whose private keys are controlled by the individual and not a third party like a bank or MSB) or “otherwise covered wallets” (hosted wallets at firms located in jurisdictions determined by FinCEN on a new Foreign Jurisdictions List (initially to consist of Iran, North Korea and Myanmar).

Whew! A mouthful, no?

Link:

Checking the Bitcoin Box

Categories: Anti-Money Laundering FinCEN Updates Notice of Proposed Rulemaking (NPRM) Virtual Currencies

eric9to5

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