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In fact, there exists a complete lack of consistent AML and other regulatory schemes elsewhere in the world – leaving cross-border and global transactions vulnerable. The DOJ report stands as only the latest of warnings over the risks tied to cryptos. As recently noted by PYMNTS , Kenneth A.
The United States continues to rely on the Bank Secrecy Act (BSA) as the primary legal framework governing AML regulations, with the Financial Crimes Enforcement Network (FinCEN) providing guidance on how these regulations apply to cryptocurrency businesses. The United Arab Emirates has amended Federal Decree-Law No. (20)
The Bank Secrecy Act (BSA) establishes AML program requirements for financial institutions in the US while the USA Patriot Act lays down which entities are required to comply. As such, the Bank Secrecy Act (BSA) establishes certain AML program requirements for financial institutions in the US. Let’s get started.
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