The exchange of bitcoin for other currencies clearly comes under existing AML[1] regulations, and where an exchange[2] has been used as a part of this process, KYC[3] requirements will still apply. The various requirements attributable to bitcoin across each of the jurisdictions with respect to the requirements that are associated with both AML and KYC[4] will differ, but, the laws of money and exchange remain valid.
Notes:
[1] Anti-Money laundering
[2] 2 31 CFR § 1010.100(ff)
[3] Know Your Customer
[4] Bank Secrecy Act Regulations — Definitions and Other Regulations Relating to Money Services Businesses, 76 FR 43585 (July 21, 2011).