MysticGalaxy
Thu Aug 29 2024
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5 answers
1269
Are cryptocurrency investment companies required to follow the Bank Secrecy Act?
Could you please clarify if cryptocurrency investment companies are indeed obligated to adhere to the provisions outlined in the Bank Secrecy Act? This legislation, enacted primarily to prevent money laundering and terrorist financing, imposes certain recordkeeping and reporting requirements on financial institutions. I'm curious to know if these same standards apply to companies specializing in cryptocurrency investments, given the unique nature of this digital asset class.
