Digital currency firms are still struggling to meet state licensing requirements and secure banking relationships, industry analysts told ACAMS moneylaundering.com.
The U.S. Justice Department's use of deferred prosecution agreements has been effective though often misunderstood, according to Jonathan E. Lopez, a former deputy chief of the department's Money Laundering and Bank Integrity Unit who oversaw investigations into HSBC and MoneyGram.
U.S. state regulators should require virtual currency firms currently subject to federal anti-money laundering rules to verify the identities of users of their services who do not hold accounts, a regulatory organization said Tuesday.
New York's financial regulator could soon hone expected rules on the use of virtual currencies after industry representatives complained to the agency that parts of its initial plan were vague.
Virtual currency businesses operating in New York may soon have to obtain special licenses and establish anti-money laundering, cyber security and consumer protection programs, the state's banking regulator announced Thursday.
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