FinCEN Director Reminds Casinos to Follow Guidelines Regarding Cryptocurrencies

The Director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. Blanco, has insisted casinos to observe the office’s guidelines concerning suspicious CVC (convertible virtual currency) activity.

While addressing the twelfth Annual Las Vegas Anti-Money Laundering Conference on 13th August, Blanco imparted casinos to comply by the FinCEN’s regulatory guidance released in May.

With their direction, the FinCEN considered specific business models, including CVC financial foundations to enable them to adhere to their current commitments under the BSA (Bank Secrecy Act). However, the guidelines did not set up any new regulatory requirements or expectations.

Blanco indicated two regions where CVC crosses with gambling clubs and card clubs, which are online CVC gambling clubs just as physical gambling clubs and card clubs that acknowledge CVC for gaming.

Blanco noticed that gambling clubs dealing with cryptocurrencies should think about how they will lead due diligence on…