FinCEN Proposes To Designate Convertible Virtual Currency Mixing as a Primary Money Laundering Concern

The Proposed Rule Aims To Increase Transparency in CVC Mixing – On October 19, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released a notice of proposed rulemaking (Proposal) that designates CVC mixing as a primary money laundering concern. The Proposal would require domestic financial institutions and agencies to adopt new recordkeeping and reporting requirements on transactions involving CVC mixing….
By: Skadden, Arps, Slate, Meagher & Flom LLP