FinCEN Warns Social Media Crypto Projects To Mind Its Rules
Law360 (February 7, 2020, 3:54 PM EST) -- The deputy director of the Financial Crimes Enforcement Network said Thursday that social media and messaging platforms contemplating the establishment of cryptocurrencies need to keep their eye on anti-money laundering laws.
The remarks from Jamal El-Hindi came in a speech before the Securities Industry and Financial Markets Association's 20th annual Anti-Money Laundering and Financial Crimes Conference in New York.
Though he didn't mention any companies by name, El-Hindi's comments clearly alluded to ventures like Facebook's Libra project, which is facing skepticism and circumspection from regulators and lawmakers alike.
In discussing what he called the "evolutionary state" of the financial sector, El-Hindi warned...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!