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.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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