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FinCEN Requires U.S. Financial Institutions to Report on Russian Use of Cryptocurrencies to Evade Sanctions

By WebsCryptoMarch 22, 20221 Min Read
FinCEN Requires U.S. Financial Institutions to Report on Russian Use of Cryptocurrencies to Evade Sanctions
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FinCEN, an agency of the U.S. Treasury Department, has notified all financial institutions that Russia may consider using cryptocurrencies to evade sanctions.

On Monday, FinCEN warned all U.S.-based financial firms associated with cryptocurrencies or convertible virtual currencies (CVCs) to report any activity that could be a potential means for Russia to evade sanctions imposed by countries such as the United States.

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While U.S. institutions believe that the Russian government cannot use CVCs to evade broad sanctions, all financial institutions in the country are obliged to proactively report suspicious activity originating from Russia.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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