View on YouTube Updated Law Will Oblige Travelers Entering US To Show Digital Currency Holdings
An update to US anti-money laundering (AML) legislation currently going through Congress would oblige travelers to declare digital currency at the border.
AML Rules Target Over $10,000 Crypto Holdings
S. 1241, a new bill sponsored by Senator Chuck Grassley, proposes adding the terms ‘digital currency’ and ‘prepaid access devices’ to existing list of financial items subject so such AML procedures.
It would also include reference to “any digital exchanger or tumbler of digital currency.”
Ostensibly designed to prevent trafficking of funds over $10,000 in value, the resulting powers given to border authorities could be nonetheless considerably more sweeping than at present.
While it is unclear how those arriving in the US would be screened for digital currency holdings, the Bill makes provision for a report to be commissioned ironing out the finer points.
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