On July 18, 2018, the Financial Action Task Force (“FATF”), published its report to the July 2018 G20 Finance Ministers and Central Bank Governors’ meeting. The report sets out FATF’s ongoing work to fight money laundering...more
7/26/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
EU ,
FATF ,
FinCEN ,
G20 ,
Money Laundering ,
Popular ,
Regulatory Agenda ,
Regulatory Oversight ,
Token Sales ,
Virtual Currency
In a recently published letter to the Senate Finance Committee, FinCEN confirmed that when an ICO token is a “convertible virtual currency,” administrators or exchangers of the token would be “money transmitters” under...more
3/14/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Cryptocurrency ,
Financial Institutions ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Interpretive Letters ,
Money Services Business ,
Money Transmitter ,
Regulatory Requirements ,
Token Sales ,
Virtual Currency
Federal authorities announced this week a settlement with Ripple Labs Inc. and its subsidiary, XRP Fund II, resolving an investigation by FinCEN and the Department of Justice into violations of the Bank Secrecy Act. ...more
This was a banner week in AML enforcement for the US Attorney’s Office for the Southern District of New York. First, the SDNY, on behalf of FinCEN, announced it has filed an enforcement action against Thomas Haider, the...more
In response to the SEC’s first civil complaint arising from online virtual currency trading, alleged Bitcoin Ponzi schemer Trendon Shavers recently challenged the district court’s authority to hear the case. ...more
Asset Seizures and Arrests Mark Recent Federal Virtual Currency Enforcement Actions -
Federal authorities have initiated several recent enforcement actions that are indicative of continuing regulatory changes in the...more