GENIUS Act Spur Treasury to Seek Feedback for AML Technology
Di GENIUS Act don make US Department of Treasury wan hear wetin people think about beta anti-money laundering (AML) technology. Under dis new law, Treasury’s Financial Crimes Enforcement Network (FinCEN) go check new AML technology dem, like machine learning, pattern recognition and blockchain analytics. FinCEN don open 60 days comment period for technology people, financial institutions and others to talk about system powers, privacy protection and how systems fit work together. Main persons na Senator Bill Cassidy wey sponsor di act and Treasury Under Secretary Brian Nelson wey go manage di feedback. People dem dey encourage to submit data about software performance, accuracy and how much e go cost to join. The info go help make better regulations later and fit bring together traditional money and crypto sector technology rules. Comments must reach dem before October 31, 2023. Dis move fit open way to better AML technology wey balance strong financial crime fight and new crypto compliance ideas.
Neutral
Di Treasury di request for feedback pon AML technology show say regulators dey engage but no mean say dem go enforce something quick quick. Before now, FinCEN don do similar consultation like di 2019 crypto reporting proposal wey make market small shake but later e lead to better guideline and more transparency. Di initiative wey dem invite people make dem contribute on interoperability and privacy protections dey try balance compliance with innovation. For short term, market fit no too react well because na consultation process wey go take some months. Long term, if dem fit standardize AML technology, e fit reduce compliance cost and make people trust regulated crypto services more. Overall, di news neutral: e no dey put new restriction today and e no guarantee big changes but dem dey set foundation for clear regulation later on.