U.S. Senate leadership has approved an amendment to the National Defense Authorization Act (NDAA) that would require federal regulators to develop new anti-money laundering guidance, according to three people familiar with the matter. The NDAA is a large, must-pass legislation currently being negotiated between the House and Senate.
In addition to requiring reports from federal agencies, from the Drug Enforcement Administration to the Financial Crimes Enforcement Network, the bill also creates new rules requiring crypto ATMs to collect identifying information from users. Crypto ATM operators will also need to report all their operating locations to the government.
A version of the NDAA that includes the amendment is likely to pass the Senate, which is set to vote on the bill this week. The provision in the amendment would be one of the few provisions related to encryption to have passed both chambers.