A joint statement has come into circulation involving the activities of digital assets, issued by the leaders of the Financial Crimes Enforcement Network, the U.S. Commodity Futures Trading Commission, and the U.S. Securities and Exchange Commission. The release is to remind the users of the anti-money laundering (AML) and counter-terrorism funding (CTF) responsibilities under the Bank Secrecy Act (BSA).
The AML/CFT obligations comprise the requirement to institute and execute an effective anti-money laundering program (AML Program) and recordkeeping and reporting requirements, including suspicious activity reporting (SAR). The digital assets firmly refer to the instruments qualifying as securities or commodities, under the applicable U.S. laws.
As reported, CFTC aims to promote integrity, resilience, and vibrancy of the U.S. derivatives markets via the prudent regulatory plans. FinCEN is the lead regulator under the BSA. It stands firm to protect the financial system from illegal acts and ensure a secure ecosystem.