Summary
The article discusses potential updates to the Bank Secrecy Act to clarify regulations for virtual asset firms and give the Office of Foreign Assets Control the authority to impose sanctions on firms doing business with sanctioned entities.
Key Points
1. The updates could clarify and potentially expand coverage of new entities in the virtual asset ecosystem operating in areas of ambiguity with respect to Bank Secrecy Act obligations.
2. A final proposal would explicitly provide Treasury’s Office of Foreign Assets Control the authority to deploy secondary sanctions against virtual asset firms doing business with sanctioned entities.
3. Secondary sanctions are described as an impactful and flexible tool that can be used against virtual asset firms involved with sanctioned entities.