In a report prepared for members and committees, the Congressional Research Service reviewed the development of an AML/CFT framework for digital assets.
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The Federal Reserve Board, the FDIC, FinCEN, the NCUA and the OCC reminded banks to apply a risk-based approach when assessing customer relationships and conducting customer due diligence on anti-money laundering risks.
The Congressional Research Service examined the use of cryptocurrency as a tool for evading Western sanctions against Russia. It concluded that the threat of Russian entities using digital currencies to avoid sanctions is still present.
The Senate Committee on Banking, Housing, and Urban Affairs considered the implications of digital assets for illicit finance, terrorism, and other forms of criminal activity.
The Congressional Research Service outlined the benefits and drawbacks of imposing additional data collection requirements with respect to cryptocurrency transfers.