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New York State Outlines AML Rules for Virtual Currency Companies
By Colby Adams
printVirtual 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. Under a regulatory proposal, the New York State Department of Financial Services would require companies that receive, exchange, store or transmit virtual currencies to obtain a "BitLicense" obligating them to verify their accountholders, maintain know-your-customer profiles, screen transactions against sanctions lists and report suspected illicit activity. Firms operating under the license would also have to retain the identities and physical addresses of all parties involved in transactions, as well a...
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