The us House of Representatives has passed a bill that demand the monetary Crimes social control Network (FinCEN) to review blockchain technology in its fight against monetary crime.
On Sept. 19, the House passed the bill “Advancing Innovation to help enforcement Act,” which needs the Director of the monetary Crimes social control Network, Kenneth whiten, to hold out a study on the utilization of rising technologies, like blockchain technology, among Financial Crimes Enforcement Network. The bill reads:
“The Director of the monetary Crimes social control Network (“FinCEN”) shall perform a study on […] whether or not AI, digital identity technologies, blockchain technologies, and alternative innovative technologies is additional leveraged to form FinCEN’s information analysis a lot of economical and effective.”
The Senate received the bill on Sept. 23, and referred it to the Committee on Banking, Housing and concrete Affairs.
Crypto and casinos
Cointelegraph antecedently reported that Financial Crimes Enforcement Network Director Kenneth whiten urged casinos to follow the rules of the monetary crime-fighting agency with regard to suspicious convertible virtual currency (CVC) activity.
Blanco aforesaid that casinos addressing crypto payments ought to think about however they’re going to conduct due diligence on CVC transactions and blockchain analytics, adding:
“I encourage casinos to closely review each documents on FinCEN’s web site to examine however we have a tendency to square measure addressing this business and its interactions with others within the monetary sector. Casinos ought to be filing severe acute respiratory syndrome once they encounter suspicious CVC activity and any cyber events that have an effect on, facilitate, or conduct transactions. we all know that casinos square measure targets for cyber and cyber-enabled criminal activity like ransomware attacks and business e-mail compromise schemes.”
Blanco briefed members of the House
On June 28, Cointelegraph reported that whiten briefed many members of the U.S. House of Representatives on the potential for Libra’s use in crimes like concealing, and illicit finance activities. whiten talked regarding current analysis into AI and machine learning and their use in control cryptocurrencies.