FinCEN Rehires Chainalysis Exec to ‘Confront Emerging Threats’

FinCEN Rehires Chainalysis Exec to 'Confront Emerging Threats'

Chainalysis chief technical counsel Michael Mosier will return to the Financial Crimes Enforcement Network in a new role as Deputy Director and Digital Innovation Officer. According to FinCEN Director Kenneth Blanco, Mosier is the “right person with the right skills, at exactly the right time.”

FinCEN Seeks Help Engaging Industry and Government Partners
As per the official release on the FinCEN website, the bureau of the U.S. Department of the Treasury is hiring Mosier back on its leadership team to better liaise between different parties. Blanco stated:
He brings a range of public and private sector experience that will help FinCEN proactively engage with industry and government partners to confront emerging threats and to capitalize on diverse opportunities in the financial and national security spaces.
Mosier was working with FinCEN as the agency’s chief of strategic advancement prior to joining crypto analytics firm Chainalysis in June 2019. He has spent the last few months serving as the company’s chief technical counsel. In his new role, he will be helping the bureau with its work:
to protect the financial integrity and national security of the United States.
Moving Toward Major Reform?
Beyond his technical and strategic capabilities, Mosier brings with him extensive knowledge of blockchain technology as well as a wealth of legal experience. He previously served as deputy chief in the U.S. Department of Justice’s Money Laundering and Asset Recovery Section as well as associate director of the Treasury’s Office of Foreign Assets Control. 
In addition, Mosier worked as director for transnational organized crime on the White House National Security Council and carved out his early career with the Manhattan District Attorney’s Office.
According to Law360, with Mosier’s guidance, FinCEN is potentially readying for an “array of reforms.” These include the possible enforcement of bills introduced to the U.S. House and Senate last year which would obligate new corporations to reveal their ultimate human owners. They would also have to update their information periodically with FinCEN. This would mark the “first substantial anti-money laundering reforms in nearly two decades.”
If incorporated, the bills would help to strengthen the bureau’s position by giving it tougher AML penalties to enforce along with improved ease of information sharing with financial institutions. They would also open the door to further modifications in the AML framework such as adjustments to the requirements when reporting suspicious activity.
What do you make of FinCEN’s latest hiring? Add your thoughts below!

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Source: https://bitcoinist.com/fincen-welcomes-back-chainalysis-counsel/

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