Treasury Urges Crypto Exchanges To Get In Line With BSA

By Al Barbarino (March 2, 2022, 7:15 PM EST) — The U.S. Department of the Treasury highlighted the “elevated digitization” of funds and monetary providers among the many most vital illicit finance threats going through the nation, because it urged so-called digital asset service suppliers, or VASPs, to remain on high of their obligations below the Bank Secrecy Act.

In a report launched Tuesday, the Treasury famous that VASPs, which embrace cryptocurrency exchanges, should observe the identical BSA guidelines as banks and so-called cash service companies, together with registration with the Financial Crimes Enforcement Network and the appointment of a chief compliance officer.

“When operators of [VASPs] violate the BSA or neglect regulatory necessities,…

https://www.law360.com/assetmanagement/articles/1469629/treasury-urges-crypto-exchanges-to-get-in-line-with-bsa-

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