S.1241 - Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017

CampeadorCampeador Posts: 221 Bronze ✭✭✭
As usual... they try to scare you and place a block on progress. They slipped a nice one here.




(a) In General.—Section 5312(a) of title 31, United States Code, is amended—

(1) in paragraph (2)(K)—

(A) by inserting “prepaid access devices, digital currency,” after “money orders,”; and

(B) by inserting before the semicolon at the end the following: “, or any digital exchanger or tumbler of digital currency”;

(2) in paragraph (3)(B), by inserting “prepaid access devices,” after “delivery,”; and

(3) by adding at the end the following:

“(7) ‘prepaid access device’ means an electronic device or vehicle, such as a card, plate, code, number, electronic serial number, mobile identification number, personal identification number, or other instrument, that provides a portal to funds or the value of funds that have been paid in advance and can be retrievable and transferable at some point in the future.”.

(b) GAO Report.—Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall submit to Congress a report on—

(1) the impact the amendments made by subsection (a) have had on law enforcement, the prepaid access industry, and consumers; and

(2) the implementation and enforcement of the final rule entitled “Bank Secrecy Act Regulations—Definitions and Other Regulations Relating to Prepaid Access” (76 Fed. Reg. 45403 (July 19, 2011)) by the Department of the Treasury.

(c) Customs And Border Protection Strategy For Prepaid Access Devices.—Not later than 18 months after the date of enactment of this Act, the Secretary of Homeland Security, in consultation with the Commissioner of U.S. Customs and Border Protection, shall submit to Congress a report—

(1) detailing a strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States; and

(2) that includes an assessment of infrastructure needed to carry out the strategy detailed in paragraph (1).


  • GoldIsCurrencyGoldIsCurrency Posts: 1,818 Gold ✭✭✭✭✭
    I am not surprised the American government is aiming for AML compliance within the crypto world.

    Goldmoney is AML compliant. Cheers.
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭

    Goldmoney is AML compliant.

    This is a MAJOR reason why I use Goldmoney. They play by the rules
  • CampeadorCampeador Posts: 221 Bronze ✭✭✭
    edited June 2017
    You got to love lawyers... you think they say one thing and they meant another.

    Good ol' Ronnie could not say it any better.

  • DinchDinch Posts: 67 Copper ✭✭
    The real question is: do the members of Congress have no idea what cryptos are and how they work? Or are they just trying to feign doing something about it, despite knowing what they're up against? There is no centralized anything about most of these cryptos, BTC especially. How can you make BTC AML compliant if nobody controls it? They don't have the enforcement mechanism to punish every BTC user. What they're trying to do is impossible. Typical of Congress.
  • CampeadorCampeador Posts: 221 Bronze ✭✭✭
    2 things.

    Politicians are...
    1) Corrupted greedy ignorant monkey lawyers.

    2) The "Greasers" tells them what to do.

    At the end, they will be discarded like a bag of... "fill the blank"
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