Treasury Department, Financial Crimes Enforcement Network
FinCEN is issuing an order, pursuant to the Combating Russian Money Laundering Act, as amended by the National Defense Authorization Act for Fiscal Year 2022, to prohibit certain transmittals of funds (as defined in this order) by any covered financial institution involving Bitzlato Limited (Bitzlato), a financial institution operating outside of the United States determined to be of a primary money laundering concern in connection with Russian illicit finance.
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Department of the Treasury Financial Crimes Enforcement Network 31 CFR Part 1010 RIN 1506-AB42 AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Order. SUMMARY: FinCEN is issuing an order, pursuant to the Combating Russian Money Laundering Act, as amended by the National Defense Authorization Act for Fiscal Year 2022, to prohibit certain transmittals of funds (as defined in this order) by any covered financial institution involving Bitzlato Limited (Bitzlato), a financial institution operating outside of the United States determined to be of a primary money laundering concern in connection with Russian illicit finance. DATES: This action is effective February 1, 2023. FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center, 1-800-767-2825 or electronically at frc@fincen.gov . SUPPLEMENTARY INFORMATION: I. Summary of Order This order: (1) sets forth FinCEN's determination that Bitzlato Limited (Bitzlato), a virtual asset service provider (VASP) incorporated in the Hong Kong Special Administrative Region of the People's Republic of China (Hong Kong), is a financial institution operating outside of the United States that is of primary money laundering concern  [ 1 ] in connection with Russian illicit finance; and (2) prohibits certain transmittals of funds by any domestic financial institution or involving Bitzlato by any covered financial institution. Bitzlato, a convertible virtual currency (CVC) exchanger (a type of VASP) with significant ope…
Citation: 88 FR 3919
