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Growth of Digital Currencies Could Mean New KYC Steps, State Guidance: Texas Official
printAs digital currencies like Bitcoin continue to gain popularity, banks may have to train their compliance officers on the technical means to trace such money movements, according to Daniel Wood, an assistant general counsel with the Texas Department of Banking. But first state governments will likely have their say on how to regulate businesses that use and exchange virtual funds. Texas, where a relatively high number of digital currency users reside, has joined New York, California and Washington in launching inquiries into how to treat Bitcoin and other currencies under anti-money laundering (AML) laws. Wood, who is studying the issue...
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