The director of the Financial Crimes Enforcement Network (FinCEN) warned the gambling industry to report suspicious activity using cryptocurrencies.
During a speech at an anti-money laundering conference in Las Vegas August 13, FinCEN director Kenneth Blanco said his agency receives fewer suspicious activity reports than it expects.
There is a perception that FinCEN is not monitoring the financial sector just because we have not publicly enforced a casino or card club since last year," he said. - I assure you that this is not the case.
In May, FinCEN issued regulatory guidance requiring casinos to identify and report potential money laundering, sanctions evasion and other suspicious cryptocurrency transactions.
"Casinos should file a suspicious activity report when faced with activities involving digital currencies," he said.
In addition, casinos should support policies, procedures, internal controls and risk assessments relating to cryptocurrency assets.
Blanco also expressed his hope that the gambling industry will create a "culture of compliance" and share information among themselves and with responsible authorities.
In April, FinCEN fined a Bitcoin trader for violating the requirements of the Banking Secrecy Act.