Monetary transfer and transmission rules
Date: 2018-10-18
Source: https://craigwright.net/blog/bitcoin-blockchain-tech/monetary-transfer-and-transmission-rules
The exchange of bitcoin for other currencies clearly comes under existing AML[[1]](#_ftn1) regulations, and where an exchange[[2]](#_ftn2) has been used as a part of this process, KYC[[3]](#_ftn3) requirements will still apply. The various requirements attributable to bitcoin across each of the jurisdictions with respect to the requirements that are associated with both AML and KYC[[4]](#_ftn4) will differ, but, the laws of money and exchange remain valid.
Notes:
[[1]](#_ftnref1) Anti-Money laundering
[[2]](#_ftnref2) 2 31 CFR § 1010.100(ff)
[[3]](#_ftnref3) Know Your Customer
[[4]](#_ftnref4) Bank Secrecy Act Regulations — Definitions and Other Regulations Relating to Money Services Businesses, 76 FR 43585 (July 21, 2011).