U.S. officials are cracking down on enforcing regulations requiring cryptocurrency service providers registered as money services businesses (MSBs) to identify the senders and recipients of digital currency transactions of $3,000 or more.
Known as the Travel Rule, the requirement for MSBs to maintain and share customer identification for transfers above that threshold has been in place since 1995, when it was enacted as an amendment to the Bank Secrecy Act (BSA).
FinCEN expanded the Travel Rule to cover cryptocurrency exchanges in the agency's landmark 2013 guidance, which detailed how its anti-money laundering (AML) requirements apply to MSBs operating as digital currency exchanges.
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