US Treasury official warns virtual currency firms to create anti-money-laundering 'culture'

13 August 2018 9:46pm
The top US enforcer of money-laundering laws threatened to hold virtual currency businesses accountable for failing to establish a “culture of compliance” with these rules.

Kenneth Blanco, head of the US Treasury Department’s Financial Crimes Enforcement Network, said too many firms aren’t creating strong anti-money-laundering programs until after they learn of an impending federal examination.

“This does not constitute compliance,” he told a Chicago technology conference* last week (see here). “It is not a culture we will tolerate.”

Blanco added: “A strong culture of compliance should be part of building your operations from the ground up, and you can expect that we will identify where this is not taking place and take appropriate action.”