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TREAS/FINCEN | RIN: 1506-AB64 | Publication ID: Fall 2024 |
Title: Implementation of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transactions of Primary Money Laundering Concern | |
Abstract:
FinCEN intends to issue a final rule, pursuant to section 311 of the USA PATRIOT Act, requiring covered domestic financial institutions and domestic financial agencies to implement certain recordkeeping and reporting requirements relating to transactions involving convertible virtual currency (CVC) mixing within or involving jurisdictions outside of the United States. FinCEN proposed that the term "CVC mixing" means the facilitation of CVC transactions in a manner that obfuscates the source, destination, or amount involved in one or more transactions, regardless of the type of protocol or service used. This definition includes methods used to obfuscate transactions and an exception for the use of internal protocols or processes to execute transactions by banks, broker-dealers, or money services businesses, including virtual asset service providers that would otherwise constitute CVC mixing, provided that these financial institutions preserve records of the source and destination of CVC transactions when using such internal protocols and processes; and provide such records to regulators and law enforcement, where required by law. |
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Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: Undetermined |
CFR Citation: 31 CFR 1010.662 | |
Legal Authority: 12 U.S.C. 1829b 12 U.S.C. 1951 to 1960 31 U.S.C. 5311 to 5314 31 U.S.C. 5316 to 5336 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: FinCEN Regulatory Support Section Department of the Treasury Financial Crimes Enforcement Network P.O. Box 39, Vienna, VA 22183 Phone:800 767-2825 Email: frc@fincen.gov |