FinCEN offers a process for “no action letters”

It’s an effort to streamline compliance guidance.

Posted by Daren Firestone

FinCEN has issued a long-awaited notice of proposed rulemaking for a process to issue “no action letters” to offer guidance to companies on whether FinCEN would bring an enforcement action against them for noncompliance with the Bank Secrecy Act. Crypto companies that exchange money want to know whether they are subject to the BSA and its know-your-customer and anti-money laundering requirements. FinCEN can’t guarantee a free pass, since other agencies (SEC, CFTC) can enforce the BSA, but a letter would provide a good deal of comfort. The process would streamline existing procedures to offer prospective guidance.

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