U.S. pulls crypto transactions into AML reporting regime

Selva Ozelli, Esq., CPA, is an international tax attorney and certified public accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.

The US Financial Crimes Enforcement Network (FinCEN) proposed regulation at the end of last year [2020] that would subject convertible virtual currency or digital asset (‘cryptocurrency’) transactions to anti-money laundering/combating the financing of terrorism (AML/CFT) reporting requirements akin to those for other financial institutions under the Bank Secrecy Act (BSA). [1]