Leaders of the SEC, CFTC, and FinCEN Issue Joint Statement Reminding Market Participants of Their AML/CFT Obligations for Digital Asset Activities

October 21, 2019

On October 11, 2019, the leaders of the Commodity Futures Trading Commission, Financial Crimes Enforcement Network, and Securities and Exchange Commission issued a joint statement to remind businesses that engage in digital asset activities of their anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations under the Bank Secrecy Act (BSA).

As market participants increasingly become involved with digital assets and related activities or services, the agencies clarified that their regulatory treatment is determined by the underlying facts, circumstances, uses, and economic realities, and not the label or terminology used to describe them.

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