The Financial Crimes Enforcement Network (FinCEN) has announced that its Director Kenneth Blanco will depart the regulator on April 9, after working as the organization’s director since December 2017. According to an announcement, Michael Mosier, former FinCEN Deputy Director, will return to FinCEN as Acting Director.
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Prior to FinCEN, Mosier worked at Chainalysis, a blockchain-focused forensic firm, as Chief Technical Counsel. Mosier will take his post on April 11, 2021. Before FinCEN and Chainalysis, Mosier served as a Deputy Chief in the Department of Justice’s (DOJ’s) Money Laundering & Asset Recovery Section. He also served a tour at the White House National Security Council as Director for Transnational Organized Crime.
Earlier in January, the Silicon Valley-based venture capital firm Andreessen Horowitz (a16z) said the recently proposed cryptocurrency rulemaking by FinCEN "violates the government’s own established procedures." The firm says the watchdog proposes a "rushed, non-vetted" regulation of the cryptocurrency market.
Last year, FinCEN proposed not only tracking transactions, but also identifying unhosted digital wallets. FinCEN is proposing to adopt these requirements pursuant to the Bank Secrecy Act.
The published rules, if and when they are accepted, will require all centralized cryptocurrency exchanges and banks to impose additional layers of know-your-customer (KYC) and anti-money laundering (AML) policies for its clients. The proposed new rules will also require financial institutions and crypto exchanges to track all transactions with a value of more than $3,000.
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