OFAC Publishes Tailored Guidance for Virtual Currency Industry
New Guidance Aims to Enhance Compliance with OFAC Sanctions
Washington, D.C. - October 15, 2021
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has published tailored guidance to assist the virtual currency industry in complying with OFAC sanctions requirements and procedures.
The newly issued guidance addresses the unique challenges faced by the virtual currency industry, including the anonymity and global reach of cryptocurrency transactions. It provides specific guidance on how to identify and mitigate risks associated with sanctioned parties and jurisdictions, and how to report suspicious activity.
"This guidance is an important step in helping the virtual currency industry comply with our sanctions requirements," said OFAC Director Andrea Gacki. "We are committed to working with the industry to ensure that virtual currencies are not used to evade sanctions or finance terrorism and other illicit activities."
The guidance is available on OFAC's website at: https://www.treasury.gov/resource-center/sanctions/Documents/ofac_final_guidance_virtual_currency.pdf
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