After the arrest of the two founders of Samourai Wallet, the FBI of the United States warns American citizens not to use services lacking Money Services Businesses registration.
On April 25th, the Federal Bureau of Investigation (FBI) issued a warning reminding individuals to avoid using money transmitting services that do not comply with legal requirements such as Know Your Customer (KYC) standards and Anti-Money Laundering (AML) procedures. The statement emphasizes that US agencies are conducting enforcement actions against services associated with the use of digital assets that do not comply with federal laws.
This warning comes after the arrest of the founders of the wallet and coinjoin service Samourai Wallet, accused of facilitating the laundering of over $100 million from illicit activities. CEO Keonne Rodriguez and CTO William Hill are also accused of operating without the necessary licenses as Money Services Businesses. The two face a maximum sentence of 25 years in prison.
To operate as Money Services Businesses (MSBs), a specific license issued by a government entity is required. MSB activities are subject to specific regulatory obligations, including anti-money laundering (AML) rules, Know Your Customer checks, and reporting of suspicious transactions.
The agency reminds in the statement that cryptocurrency money transmitting services that purposely violate the law or knowingly facilitate illegal transactions will be investigated by authorities.
