FinCEN 'Travel Rule' Update Sets Challenges For Crypto Cos.

Law360 (October 11, 2019, 5:28 PM EDT) -- The regulation known as the "travel rule," first issued by the Financial Crimes Enforcement Network in 1995 with fiat currency in mind (and amended in 2013 to include electronic funds transfers), requires banks and nonbank financial institutions to transmit information on funds transfers and transmittals of funds to other banks or nonbank financial institutions.

Guidance in May and June from the Financial Action Task Force and FinCEN expanded the application of the travel rule to a new area, virtual currencies, and the industry has just now begun to formulate compliance solutions to these new and potentially problematic regulatory obligations.

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