De-Risking: FinCEN Training Tax Examiners In Bitcoin To Curb Bank Powers

US Treasury officials are working with the Internal Revenue Service (IRS) to develop a crypto-currency training program for tax inspectors, as it attempts to stop banks from becoming proxy regulators through de-risking.

Financial Crimes Enforcement Network (FinCEN) director Jennifer Shasky Calvery said the agency has delegated examination of money services businesses' compliance with anti-money laundering (AML) regulations, under the Bank Secrecy Act (BSA), to the IRS.

It hopes by giving the IRS a wider scope to examine money transfers and virtual currency businesses it can reduce the ability of banks to reach beyond their means and police such sectors.

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