On October 15, 2021, The Us Department Of The Treasury’s Office Of Foreign Assets Control (.
In october, the united states department of the treasury’s office of foreign assets control (“ofac”) published new guidance for the virtual currency industry focusing on compliance with the financial industry’s obligations related to u.s. This brochure provides an overview of ofac sanctions requirements and procedures, including. On october 15, 2021, the u.s.
Ofac Administers And Enforces Economic Sanctions Against Targeted And/Or Sanctioned Foreign.
This brochure provides an overview of ofac sanctions. Sanctions compliance guidance for the virtual currency industry (the virtual currency guidance), a new guidance report from the us treasury department's office of foreign assets control (ofac), analyze sanctions compliance criteria for the virtual currency industry and defines ofac's perspective of compliance best practices in that marketplace. On october 15, 2021, the us department of the treasury’s office of foreign assets control ( ofac ) issued a brochure to promote sanctions compliance in the virtual currency industry (the guidance ) 1 and updated two related frequently asked questions (faqs 559 2 and 646).
Although Only Briefly Noted In The Guidance, Its Publication Appears To Have Been Motivated In Part By The Nexus Between Virtual Currency And The Increasing Threat Of Ransomware Attacks.
[1] ofac acknowledged that virtual currencies are playing an increasingly prominent role in the global economy and that their recurrent use as payment methods poses sanctions risks. Ofac’s sanctions compliance guidance for the virtual currency industry: Sanctions compliance guidance for the virtual currency industry.
The Guidance Follows A Series Of Recent Enforcement Actions Targeting The Industry And The Designation Of A Cryptocurrency Exchange For Facilitating Ransomware Payments.
Guidance for virtual currency companies. The ofac guidance is aimed at all companies in the virtual currency industry, including technology companies, exchangers, administrators, miners and wallet providers, as well as more traditional financial institutions that may have exposure to virtual currencies or their service providers. The u.s department of the treasury’s office of foreign assets control (ofac) has published guidance to aid members of the virtual currency industry the u.s department of the treasury’s office of foreign assets control (ofac) has published guidance to aid members of the virtual currency industry (ranging from tech companies to brokers to users) in complying.
Ofac Sanctions Compliance Guidance For The Virtual Currency Industry.
Ofac sanctions compliance guidance for the virtual currency industry. This guideline follows ofac’s emphasis on the previous advisory on ransomware. Ofac and fincen publish virtual currency industry and ransomware guidance.