A group of federal U.S. regulators has fired a warning to the cryptocurrency industry that anti-money laundering (AML) and counter-terrorism financing (CTF) requirements are based on what a provider actually does — not what it calls itself.
On Friday, the heads of the U.S. Commodity Futures Trading Commission (CFTC), Financial Crimes Enforcement Network (FinCEN) and Securities and Exchange Commission (SEC) issued a joint statement to "remind persons engaged in activities involving digital assets" of their AML and CTF obligations under the Bank Secrecy Act (BSA).
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