Posted 12/10/2023, 1:57:44 AM
Crypto AML Oversight Provisions Removed from Defense Bill
- Two crypto AML provisions removed from National Defense Authorization Act (NDAA)
- Provisions centered around reviewing and reporting on crypto activities to combat illicit practices
- First provision mandated Treasury coordination to set up risk-focused crypto examination system
- Second addressed reporting on volumes of crypto transactions linked to sanctioned entities
- Provisions originated from Digital Asset AML Act and Responsible Financial Innovation Act proposed earlier in 2022