WASHINGTON—Legislation that seeks to strengthen anti-money laundering (AML) and counter-terrorist financing (CTF) regulations for the digital asset industry has been has been reintroduced by Sens. Elizabeth Warren (D-MA), Roger Marshall (R-KS), Joe Manchin (D-WV) and Lindsey Graham (R-SC).
The bill includes requirements for crypto wallet providers and miners to identify customers better and fir increased enforcement powers for the Treasury, CoinGeek reported.
Known as the Digital Asset Anti-Money Laundering Act, it aims to mitigate digital assets’ risks to national security by “closing loopholes and bringing the digital asset ecosystem into greater compliance” with AML/CFT frameworks governing the financial system, CoinGeek stated.
“Among other measures, the bill would require wallet providers and miners to identify customers better; direct the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to implement customer verification procedures for the digital asset industry; and issue guidance to banks on digital asset transactions, particularly those that have used privacy mixers to mask the identity of a user,” the report notes.
The legislation was initially introduced in December 2022 by Warren and Marshall.
‘Payment of Choice for Rogue Nations’
“Crypto has become the payment method of choice for rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions of dollars in stolen funds, evade sanctions, fund illegal weapons programs, and profit off of devastating cyberattacks,” Warren said in a statement. “This bipartisan bill is the toughest proposal on the table to crack down on crypto crime and give regulators the tools they need to stop the flow of crypto to bad actors.”
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