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Concealment of holding money may face penalties, the United States this new proposal to engage in things


Last week, November 28, the U.S. draft S.1241 (AML Modernization Bill to Combat Money-Laundering and Terrorist Financing) was amended. At a Senate Committee hearing, representatives who backed the bill proposed amending the important definition of "financial institution" in the decree. Bill S.1241 Draft S.1241 was formally submitted in June this year. The community believes that this act greatly limits the freedom of bitcoin. Recently, Judicial Council members discussed the impact of digital currency on AML (AML) and KYC (Know Your Customer) regulatory rules. However, as is evident from the minutes of the meeting, the term "financial institution" is more broadly defined. The Act defines financial institutions not as commercial models such as banks and credit unions but "issuers, repayers, prepaid access tellers, digital currencies, digital exchanges or trading institutions." At the hearing, councilor Feinstein explained that the act stipulates that it is unlawful to knowingly conceal the ownership and control of a bank account. Bank accounts here also include digital currency or other similar "prepay tools." 'Prepaid Access Device' means an electronic device or tool such as a card, diskette, code, number, electronic serial number, mobile identification number, personal identification number, etc. that is capable of providing pre-paid, future retrievable and transferable Tools for the import of capital or capital value. Regulatory crossroads Amy Klobuchar, MP of Minnesota, asks questions to John Cassara, former U.S. Treasury agent, asking him what he thinks of the current shift between cash and digital cash. Klobuchar is interested in whether law enforcement can track the money laundering activities associated with cryptocurrencies. Cassara was delighted to investigate cases of money laundering, transaction fraud and international smuggling. He said he did not handle digital currency-related cases during his term of office. I'm not sure how to track encrypted cryptocurrencies, which is too challenging. I think you can look at the current indicators, digital currency is only a small part of the threat we face - of course, this does not mean that after 5 to 10 years, the situation remains so. Right now we are standing at a crossroads and what will happen in the future is worth the wait. Bitcoin supporters will pay close attention to the bill. The government's probe into the bill could raise concerns about bitcoiners who value privacy. In particular, one Member also recommended that those who deliberately conceal the possession of digital currency should be convicted. As the bill continues to improve, skeptics find that many of the definitions have been modified and are quietly included in the bill. Just as in recent days, U.S. lawmakers passed a bill that "quietly added $ 1 trillion to the country's fiscal deficit."

Last week, November 28, the U.S. draft S.1241 (AML Modernization Bill to Combat Money-Laundering and Terrorist Financing) was amended. At a Senate Committee hearing, representatives who backed the bill proposed amending the important definition of "financial institution" in the decree.

Bill S.1241


Draft S.1241 was formally submitted in June this year. The community believes that this act greatly limits the freedom of bitcoin. Recently, Judicial Council members discussed the impact of digital currency on AML (AML) and KYC (Know Your Customer) regulatory rules. However, as is evident from the minutes of the meeting, the term "financial institution" is more broadly defined.

The Act defines financial institutions not as commercial models such as banks and credit unions but "issuers, repayers, prepaid access tellers, digital currencies, digital exchanges or trading institutions."

At the hearing, councilor Feinstein explained that the act stipulates that it is unlawful to knowingly conceal the ownership and control of a bank account. Bank accounts here also include digital currency or other similar "prepay tools."


'Prepaid Access Device' means an electronic device or tool such as a card, diskette, code, number, electronic serial number, mobile identification number, personal identification number, etc. that is capable of providing pre-paid, future retrievable and transferable Tools for the import of capital or capital value.


Regulatory crossroads

Last week, November 28, the U.S. draft S.1241 (AML Modernization Bill to Combat Money-Laundering and Terrorist Financing) was amended. At a Senate Committee hearing, representatives who backed the bill proposed amending the important definition of "financial institution" in the decree. Bill S.1241 Draft S.1241 was formally submitted in June this year. The community believes that this act greatly limits the freedom of bitcoin. Recently, Judicial Council members discussed the impact of digital currency on AML (AML) and KYC (Know Your Customer) regulatory rules. However, as is evident from the minutes of the meeting, the term "financial institution" is more broadly defined. The Act defines financial institutions not as commercial models such as banks and credit unions but "issuers, repayers, prepaid access tellers, digital currencies, digital exchanges or trading institutions." At the hearing, councilor Feinstein explained that the act stipulates that it is unlawful to knowingly conceal the ownership and control of a bank account. Bank accounts here also include digital currency or other similar "prepay tools." 'Prepaid Access Device' means an electronic device or tool such as a card, diskette, code, number, electronic serial number, mobile identification number, personal identification number, etc. that is capable of providing pre-paid, future retrievable and transferable Tools for the import of capital or capital value. Regulatory crossroads Amy Klobuchar, MP of Minnesota, asks questions to John Cassara, former U.S. Treasury agent, asking him what he thinks of the current shift between cash and digital cash. Klobuchar is interested in whether law enforcement can track the money laundering activities associated with cryptocurrencies. Cassara was delighted to investigate cases of money laundering, transaction fraud and international smuggling. He said he did not handle digital currency-related cases during his term of office. I'm not sure how to track encrypted cryptocurrencies, which is too challenging. I think you can look at the current indicators, digital currency is only a small part of the threat we face - of course, this does not mean that after 5 to 10 years, the situation remains so. Right now we are standing at a crossroads and what will happen in the future is worth the wait. Bitcoin supporters will pay close attention to the bill. The government's probe into the bill could raise concerns about bitcoiners who value privacy. In particular, one Member also recommended that those who deliberately conceal the possession of digital currency should be convicted. As the bill continues to improve, skeptics find that many of the definitions have been modified and are quietly included in the bill. Just as in recent days, U.S. lawmakers passed a bill that "quietly added $ 1 trillion to the country's fiscal deficit."
Amy Klobuchar, MP of Minnesota, asks questions to John Cassara, former U.S. Treasury agent, asking him what he thinks of the current shift between cash and digital cash. Klobuchar is interested in whether law enforcement can track the money laundering activities associated with cryptocurrencies. Cassara was delighted to investigate cases of money laundering, transaction fraud and international smuggling. He said he did not handle digital currency-related cases during his term of office.


I'm not sure how to track encrypted cryptocurrencies, which is too challenging.
I think you can look at the current indicators, digital currency is only a small part of the threat we face - of course, this does not mean that after 5 to 10 years, the situation remains so. Right now we are standing at a crossroads and what will happen in the future is worth the wait.
Bitcoin supporters will pay close attention to the bill. The government's probe into the bill could raise concerns about bitcoiners who value privacy. In particular, one Member also recommended that those who deliberately conceal the possession of digital currency should be convicted. As the bill continues to improve, skeptics find that many of the definitions have been modified and are quietly included in the bill. Just as in recent days, U.S. lawmakers passed a bill that "quietly added $ 1 trillion to the country's fiscal deficit."