Kenneth A. Blanco, the director of the Financial Crimes Enforcement Network (FinCEN), has urged casinos to follow the agency’s guidelines in regards to suspicious convertible virtual currency (CVC) activity.
During his speech at the 12th Annual Las Vegas Anti-Money Laundering Conference on Aug. 13, Blanco addressed casinos’ compliance with the FinCEN’s guidance released in May. In their guidance, the FinCEN considered certain business models involving CVC financial institutions to help them comply with their existing obligations under the Bank Secrecy Act (BSA). The guidance, however, did not establish any new regulatory expectations or requirements.