US gov’t removes two crypto AML rules from national defense bill
The two provisions abolished from the National Defense Authorization Act centered around anti-money laundering (AML) issues linked to cryptocurrency.
The United States government has eliminated two provisions from the National Defense Authorization Act (NDAA) that were designed to address anti-money laundering (AML) concerns involving cryptocurrency.
The NDAA is a legislation that authorizes how the country’s defense department can use federal funding. Among the extensive list of provisions removed from the NDAA, two specifically outlined a thorough review system and reporting of crypto activities to combat illicit practices.
The first provision mandated the US Secretary of the Treasury to coordinate with banking and government regulators in setting up a risk-focused examination and review system on crypto for financial institutions.
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