The USA PATRIOT Act is a United States federal law enacted in response to the September 11th terrorist attacks. It significantly expanded the authority of law enforcement and intelligence agencies to combat terrorism, money laundering, and other financial crimes. Key provisions require financial institutions to implement robust anti-money laundering (AML) and know your customer (KYC) programs.
Context
The USA PATRIOT Act’s relevance to the digital asset industry lies in its broad mandate for financial surveillance and reporting, which regulators are increasingly seeking to apply to cryptocurrency transactions and service providers. News reports frequently discuss how the act’s principles inform regulatory guidance for exchanges and other entities handling digital assets. Current debates involve the extent to which existing provisions adequately address the unique characteristics of blockchain technology and the potential for new legislation to clarify or adapt these requirements for the crypto sector.
The FinCEN Section 311 designation mandates all regulated financial institutions sever correspondent and payable-through accounts with the named entity.
FinCEN's proposed "mixer rule" escalates AML compliance for digital assets, mandating stringent reporting and redefining transactional privacy for regulated entities.
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