The Financial Crimes Enforcement Network (FinCEN) has extended the comment period for 60 days for portions of its proposed anti-money laundering (AML) rules aimed at peeling back the anonymity of certain kinds of cryptocurrency transactions.
The agency, part of the U.S. Treasury, proposed in December new rules that would require financial institutions like banks, credit unions, and “money service businesses” (e.g., FinTechs) to submit reports, keep records, and verify the identity of customers completing transactions in digital currency or digital assets held in digital wallets that are not hosted by a financial institution. These digital wallets are known as “unhosted wallets.”
