The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a new anti-money laundering (AML) rule aimed at peeling back the anonymity allowed by certain types of cryptocurrency transactions.
Issued Friday, FinCEN’s proposed rule would require financial institutions like banks and credit unions, as well as “money services businesses” like FinTechs, “to submit reports, keep records, and verify the identity of customers in relation to transactions” related to virtual currency or digital assets held in digital wallets not hosted by a financial institution, known as “unhosted” wallets.
