FinCEN Deputy Director: Social media companies focused on building cryptocurrencies must comply with anti-money laundering laws

According to CoinDesk, Jamal El-Hindi, deputy director of the US Financial Crimes Enforcement Network (FinCEN), said at an anti-money laundering conference that social media networks with crypto ambitions must protect their systems from criminals. These "new payment technologies" need to maintain the same anti-money laundering (AML) standards as existing financial institutions to protect their systems from criminal exploitation. "Social media and information platforms, and other platforms currently focused on building cryptocurrencies, must not turn a blind eye to the illegal transactions they may fuel." El-Hindi said that the financial industry is in an "evolving state" due to the emergence of emerging alternatives such as virtual currencies. Regulators and developers need to be alert to crimes that may be related to cryptocurrencies.