RATE Group | Social Media Crypto Projects Can’t Ignore Money Laundering Risk
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Social Media Crypto Projects Can’t Ignore Money Laundering Risk

10 Feb Social Media Crypto Projects Can’t Ignore Money Laundering Risk

Posted at 10:51h in Cryptocurrency News by

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The deputy director of the United States Financial Crimes Enforcement Network (FinCEN) says the cryptocurrency sector must not abet a “slide backward” in money laundering prevention.

FinCEN deputy director Jamal El-Hindi made his remarks during a speech at the Securities Industry and Financial Markets Association 20th Anti-Money Laundering (AML) and Financial Crimes Conference in New York City on Feb. 6.

FinCEN won’t allow AML oversight to “slide backward”

El-Hindi opened his speech noting the particular complexity of the securities and futures industry, which comprises a dense web of transactions and interactions between inter-related parties. 

This “amazingly complex” landscape includes but is not limited to primary brokerages, futures commission merchants, executing dealers, transfer agents, clearing firms and mutual funds, he observed.

This complexity, he suggested, presents a challenge to the transparency — the information collection and due diligence processes…

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