NFA Reminds Members to Comply with OFAC Virtual Currency Obligations
The National Futures Association ("NFA") advised futures commission merchants and introducing brokers to ensure that their anti-money laundering programs meet requirements set by the U.S. Treasury's Office of Foreign Assets Control ("OFAC") with respect to virtual currency transactions.
The NFA referenced five FAQs that OFAC issued in March that provide guidance about sanctions obligations involving virtual currency. According to the FAQs, OFAC may add digital currency addresses connected to a person on OFAC's Specially Designated Nationals and Blocked Persons ("SND") list.
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