<p>Three of the most important financial regulatory bodies in the US -- the SEC, FinCEN and the CFTC -- issued a rare 3-party <a href="https://www.sec.gov/news/public-statement/cftc-fincen-secjointstatementdigitalassets">joint statement</a> on Friday regarding digital assets. The statement emphasized that people who engage in digital asset activities must abide by their anti-money laundering and countering terrorism financing (AML/CFT) obligations via the Bank Secrecy Act (BSA.)</p> <p>Financial institutions with AML/CFT obligations include futures commission merchants, CFTC registered brokers, money services businesses (MSBs) registered with FinCEN and SEC-registered broker-dealers and mutual funds. These institutions must establish and put in place effective AML programs including diligent record keeping and reporting, particularly of suspicious activity.</p> <p>The Agencies stated that digital assets for the purposes of the statement "include instruments that may qualify under applicable U.S. laws as securities, commodities, and security- or commodity-based instruments such as futures or swaps."</p> <p>SEC Chairman Jay Clayton added that "market participants receiving payments or engaging in other transactions in digital assets should consider such transactions to present similar or additional risks, including AML/CFT risks, as are presented by transactions in cash and cash equivalents."</p>