US Treasury to Audit FinCEN’s Cryptocurrency Practices

The U.S. Treasury Department’s inspector general is planning to review the Financial Crimes Enforcement Network (FinCEN)’s cryptocurrency practices as they relate to money laundering and terrorism financing risks, public records show.

The disclosure was included in the Office of Inspector General (OIG)’s annual plan for the 2018 fiscal year, which was published late last week. Though the details of the planned assessment weren’t fleshed out in the report, it’s a notable development that comes more than three years after FinCEN began publishing guidance for businesses working with cryptocurrencies like bitcoin.

As the report stated: […]

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