The US Department of Treasury, via the Financial Crimes Enforcement Network (FinCEN), has published a proposed rule change that impacts the definition of a funding portal under Title III of the JOBS Act. This new rule-making would amend some definitions to include funding portals. Specifically, crowdfunding portals will be required to comply with the Bank Secrecy Act that is intended to prevent money laundering and other financial crimes or terrorist financing. One wonders if all crowdfunding platforms will not inevitably become Broker Dealers.
Image: http://www.crowdfundinsider.com
