FinCEN CEO: we received 1,500 reports of fraud with cryptocurrencies per month

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2018-08-13 01:45:05

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FinCEN CEO: we received 1,500 reports of fraud with cryptocurrencies per month

Director of the Network to combat financial crimes (FinCEN) of Kenneth Blanco said that each month the organization receives around 1,500 reports of suspicious activity to the crypt. The head of the organization noted the importance of cooperation of the authority with the SEC and the CFTC. About it writes .

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Why cryptocurrency scams

Blanco spoke about the activities of FinCEN, the conference of the Chicago-Kent Block Legal Tech.

And while innovation in Finance can be a good thing, we also need to pay attention to crimes related to digital assets. The lack of proper regulation of cryptocurrencies creates new opportunities for fraudsters and terrorists.

Recall that in March 2013, FinCEN formally recognize that any cryptocurrency transaction fall under the Bank secrecy act. In other words, financial institutions must inform authorities of any suspicious transfers associated with the digital asset.

This crypto currency exchange and exchange offices who do business with US citizens must also meet the requirements of the anti money laundering (AML) and countering the financing of terrorism (CFT). As an example of excellent work FinCEN Blanco led the operation against the leadership of the exchange -e cocamillas in 2017.

Kenneth Blanco reiterated that any ICO should be a full inspection by the standards of KYC and AML. At the moment the head of FinCEN reported on the audit 30 percent of the organizations registered in the United States in 2014.

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