Analysis

FinCEN Due Diligence Rule Should Be On Crypto Cos.' Radar

Law360 (May 11, 2018, 11:14 PM EDT) -- The Financial Crimes Enforcement Network’s customer due diligence rule went into effect Friday for banks and certain other financial institutions, and cryptocurrency companies that may not be covered by the rule now would be wise to pay attention to it, legal experts say.

Finalized in 2016, the rule aims to combat money laundering, tax evasion and other illicit financial behavior by establishing requirements for banks, broker-dealers and futures commission merchants, among others, to collect and verify beneficial ownership information about their customers that are corporations, limited...
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