US FinCEN Plans to Work with IRS On Bitcoin Compliance – Notes ISIL is using Bitcoin

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During a speech at American Bankers Association/American Bar Association Money Laundering conference last week, Jennifer Shasky, Director of the US Financial Crimes Enforcement Network (FinCEN), said they are going to continue to work closely with the IRS to help FinCEN determine whether virtual currency exchangers and administrators are meeting their compliance obligations under the applicable rules.

Where we identify problems, as we did earlier this year in conjunction with the U.S. Attorney’s Office in San Francisco in a parallel enforcement action against a virtual currency company, we will use our supervisory and enforcement authorities to appropriately penalize non-compliance and drive compliance improvements. 

At an American Bankers Association conference this week she told American Banker:

“There has been public reporting of connections of ISIL promoting the use of bitcoin and virtual currencies as a means of moving and raising funds, but I think we are also very focused on the traditional means of moving funds so I think we need to keep our focus on both areas.” Yet, she added: “I wouldn’t say that it is higher risk.”

We know they are very adept at social media and technology generally, so it is not a surprise that they might be interested in using emerging payment technologies as well.”

Calvery added that the Bank Secrecy Act database helped FinCEN to track ISIL’s funding.

“We had the IT system up and running. We are able to share information quite easily,” she said.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.