”Our AML principles generally revolve around promoting appropriate transparency of transactions for the benefit of both the financial institutions processing them and FinCEN’s law enforcement stakeholders. But the complexity of the transactions and relationships in your space present a challenge to transparency. And when we talk about the concept of “knowing your customer,” we have to recognize that the culture of any highly competitive industry may discourage sharing customer information for the purpose of anti-money laundering or other financial crime prevention, when it could result in potentially losing a customer to a competitor.
Jamal El-HindiFinCEN Deputy Director
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