Monetary transfer and transmission rules

The exchange of bitcoin for other currencies clearly comes under existing AML[1] regulations, and where an exchange[2] has been used as a part of this process, KYC[3] 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] will differ, but, the laws of money and exchange remain valid.


[1] Anti-Money laundering

[2] 2 31 CFR § 1010.100(ff)

[3] Know Your Customer

[4] Bank Secrecy Act Regulations — Definitions and Other Regulations Relating to Money Services Businesses, 76 FR 43585 (July 21, 2011).

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