The Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco has reminded Casino operators of their obligations to follow the agency’s guidelines regarding suspicious convertible virtual agency currency (CVC) activity.

Blanco reminds casinos’ compliance with the FinCEN’s guidance during the 12th Annual Las-Vegas Anti-Money Laundering Conference on August 13, 2019.

The FinCEN guidance was released last May which details certain business models involving CVC financial institutions to help them comply with their existing obligations under the Bank Secrecy Act (BSA).

It must be noted that the new guidelines did not include any new regulatory requirements in the part of the establishment but serve as guidelines in consideration for CVCs.

Online CVC Casinos and Card Clubs that accept CVC for gaming are two areas identified by Blanco where CVC interacts casinos and reminds stakeholders that they should conduct due diligence on CVC transactions.

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