 New FinCEN RulesP. Carl Mullan
Chapter Chapter 11 in A History of Digital Currency in the United States, 2016, pp 261-272 from Palgrave Macmillan Abstract: Abstract In July 2011, the Financial Crimes Enforcement Network (FinCEN) issued two final rules that amended Bank Secrecy Act Regulations and directly affected digital currency businesses operating in the USA. The “Prepaid Access Rule”—Definitions and Other Regulations Relating to Prepaid Access—amended the money services businesses (MSBs) rules and established a more comprehensive regulatory approach for prepaid access formerly known as “stored value.” This new rule moved most digital currency companies into the new Prepaid Access category of regulated financial products. The “MSB Rule”—Definitions and Other Regulations Relating to Money Services Businesses—more clearly defines operations which qualify as MSBs. This rule also compelled foreign-located digital currency companies engaged with US customers to comply with US regulations or withdraw from the American market. Keywords: Prepaid access rule; MSB Rule; Money transmitter business; Foreign-located MSBs; SAR; Suspicious activity report (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:paiecp:978-1-137-56870-0_11 Ordering information: This item can be ordered from DOI: 10.1057/978-1-137-56870-0_11 Access Statistics for this chapter More chapters in Palgrave Advances in Economics of Innovation and Technology from Palgrave Macmillan |
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