In comments on the use of digital assets in illicit finance activities, the Bank Policy Institute and the American Bankers Association urged regulators to better understand the differences between risks associated with nonbank issued cryptocurrencies and stablecoins and traditional banking products and services.
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In a comment letter on FinCEN's proposed rulemaking on access and safeguards to beneficial ownership information, the Investment Company Institute urged FinCEN to be mindful of the unique characteristics of mutual funds.
In response to a Treasury request for comment on the use of digital assets in illicit finance activities, SIFMA asserted that traditional financial institutions are well-prepared to manage the risk of digital assets being employed for improper purposes.
At SIFMA's 2022 Anti-Money Laundering & Financial Crimes Conference, DOJ and Treasury executives focused their remarks on recent efforts to respond to Russia's invasion of Ukraine and the management of money laundering risks related to digital assets.
SIFMA, the Institute of International Bankers, the American Bankers Association and others ("trade associations") urged the U.S. House Committee on Financial Services (the "Committee") to amend the "outdated" and "inefficient" Bank Secrecy Act ("BSA") regulatory framework. In addition, the trade associations called for the Committee to create a federal registry of the beneficial owners of legal entities. The trade associations noted that the BSA regulatory framework is nearly 50 years old and "has not fundamentally changed since its adoption in 1970." The trade associations stated that the