News

Financial institutions are filing more than 1,500 suspicious activity reports, or SARs, on cryptocurrency transactions monthly, according to a senior U.S. Treasury Department official. In prepared remarks at the Block (Legal) Tech Conference in Chicago on Thursday, Ken Blanco, director of the department’s Financial Crimes Enforcement Network, discussed federal efforts to address the risk of money laundering posed by cryptocurrencies and emphasized the bureau’s mandate to regulate a wide range of firms tied to the industry. The 1,500 SARs filed each month originate from cryptocurrency exchanges as well as traditional financial institutions that serve them, Blanco said, adding that similar...