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<div class="article-author-info-left"> <div class="smalltext"> <p>24 November 2022 </p>
<p> Taylor English Duma </p> </div>
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</div><p> To print this text, all you want is to be registered or login on Mondaq.com. </p><div id="articlebody"><div> <p>As reported within the <a target="_blank" href="https://www.wsj.com/articles/treasury-warns-crypto-industry-of-money-laundering-risks-in-mixers-11669066067?mod=mhp" rel="noopener">Wall Street Journal</a>, Senior Treasury Division officers are warning cryptocurrency buying and selling platforms on the hazards of forex "mixing" as a method of cash laundering.</p>
<p>Elizabeth Rosenberg, the Treasury assistant secretary for terrorist financing and monetary crimes, stated in a speech Friday that "the problem is that whereas these providers typically function as cash transmitters and thus have regulatory reporting obligations, they could intentionally function in a noncompliant method to make it tougher for regulators and regulation enforcement to hint illicit funds,"</p>
<p>Taylor English legal professional <a target="_blank" href="http://news.google.com/redirection.asp?article_id=1254422&company_id=26538&redirectaddress=https://www.taylorenglish.com/person/bryan-f-jacoutot/" rel="noopener">Bryan Jacoutot</a> and I mentioned this identical concern in our <a target="_blank" href="https://www.fincenreport.com/podcast" rel="noopener">podcast</a> on FinCEN Report lately. Jacoutot's <a target="_blank" href="https://jacoutotonlaw.com/2022/11/securities-cryptocurrency-analysis-bitcoin/" rel="noopener">white paper on cryptocurrencies</a> highlights the regulatory challenges concerned. FinCEN regulates <a target="_blank" href="https://www.fincenreport.com/blog/cta-exemptions-money-transmitting-business" rel="noopener">money transmitting businesses</a> below its authority by way of the <a target="_blank" href="https://www.fincenreport.com/fincen-legislation-and-regulations" rel="noopener">Bank Secrecy Act.</a></p>
<p>The problem for a lot of FinTech start-ups is their failure to notice that their actions fall inside FinCEN's definition of a "cash transmitting enterprise" that compels them to undertake anti-money laundering safeguards and procedures.</p>
<p>Failing to register with FinCEN as a "cash transmitting enterprise" can lead to <a target="_blank" href="https://www.fincenreport.com/blog/fincen-29-million-consent-order-with-bittrex-for-bank-secrecy-act-violations2" rel="noopener">substantial fines and criminal penalties</a>.</p>
<p>Bloomberg's statements sign FinCEN's enduring curiosity in regulating cash transmitting companies, together with cryptocurrency exchanges that may facilitate person-to-person worth transfers.</p>
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