Beware of Bitcoin, Austrian Regulator Tells Banks Amid Clampdown
- Cryptocurrency seen as having ‘increased’ laundering risk
- Banks told to demand documentation for alleged Bitcoin gains
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Austrian banks should treat cryptocurrency transactions as suspicious until proven otherwise.
The “heightened risk” posed by dealings in virtual currencies like Bitcoin means banks must take extra steps to comply with rules against money laundering, the FMA, Austria’s financial markets cop, wrote in a letter to lenders earlier this year.