November 2013

Statement of Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network, United States Department of the Treasury

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Chairmen Warner and Merkley, Ranking Members Kirk and Heller, and distinguished Members of the Subcommittees, I am Jennifer Shasky Calvery, Director of the Financial Crimes Enforcement Network (FinCEN), and I appreciate the opportunity to appear before you today to discuss FinCEN’s ongoing role in the Administration’s efforts to establish a meaningful regulatory framework for virtual currencies that intersect with the U.S. financial system.

REMARKS OF JENNIFER SHASKY CALVERY, DIRECTOR, FINANCIAL CRIMES ENFORCEMENT NETWORK

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Good afternoon. It is a pleasure to be joining you today. When I spoke to you all last year, I had only been on the job at FinCEN for a
short time. So now, after having a chance to meet with many of you during this past year, it is good to look out and see so many familiar
faces. A big part of my discussions with you has shaped an initiative I announced here last year, so I would like to provide you with an update.

Partnership

Statement of Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network, United States Department of the Treasury

Read more about Statement of Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network, United States Department of the Treasury

Chairman Carper, Ranking Member Coburn, and distinguished Members of the Committee, I am Jennifer Shasky Calvery, Director of the Financial Crimes Enforcement Network (FinCEN), and I appreciate the opportunity to appear before you today to discuss FinCEN’s ongoing role in the Administration’s efforts to establish a meaningful regulatory framework for virtual currencies that intersect with the U.S. financial system.

Administrative Ruling on Whether a Company that Offers a Payment Mechanism Based on Payable-Through Drafts to its Commercial Customers is a Money Transmitter

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Dear [ ]:

This responds to your letter of October 22, 2007, seeking an administrative ruling from the Financial Crimes Enforcement Network (“FinCEN”) on whether your client, [ ] (the “Company”), is a money services business (“MSB”) under the regulations implementing the Bank Secrecy Act (“BSA”). Specifically, you ask whether a payment mechanism based on payable-through drafts that the Company offers to its commercial customers (the “customers”) makes the Company a money transmitter under the regulations.

Administrative Ruling on Application of the Prepaid Access Rule to Closed Loop Prepaid Access Sold or Exchanged in a Secondary Market

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Dear [ ]:

This responds to your letter of October 26, 2012, seeking an administrative ruling from the Financial Crimes Enforcement Network (“FinCEN”) on behalf of your client, [the Company] regarding the effect your client’s trading in the prepaid access secondary market might have on the status of the traded prepaid access for purposes of the Bank Secrecy Act (“BSA”). Specifically, you ask whether [the Company]’s gift card exchange business for consumers would change the closed loop status of the retailer-issued prepaid access that [the Company] buys and sells.