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MoFo Reenforcement The Enforcement Blog

Tag Archives: financial institutions

FinCEN Issues Convertible Virtual Currency Guidance and Advisory

Posted in Enforcement Actions, Regulatory Developments

The Financial Crimes Enforcement Network recently issued a guidance, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC), together with an Advisory on Illicit Activity Involving Convertible Currency. The Guidance largely summarizes FinCEN’s existing regulatory framework regarding the application of the Bank Secrecy Act to virtual currency activities. The Advisory warns financial institutions of… Read More