On November 21, 2023, the U.S. Office of Foreign Assets Control (OFAC) announced its largest settlement in history with the virtual currency exchange Binance. This almost-billion dollar settlement is a part of a larger...more
11/27/2023
/ Anti-Money Laundering ,
CFTC ,
Civil Monetary Penalty ,
Compliance ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
FinCEN ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
Settlement ,
Virtual Currency
On October 21, 2022, the Financial Action Task Force (FATF) officially moved Myanmar onto the agency’s blacklist, where it joins Iran and North Korea, the only other two listed countries. It is likely that the United States...more
The recent comprehensive economic sanctions by the U.S. and other nations against Russia has propelled the crypto community onto the geo-political stage in a major way. As with other forms of payment and methods of money...more
On February 4, the Department of the Treasury published a study on the facilitation of money laundering and terrorist financing through the art trade. Among other considerations, the report discussed the risks of financial...more
2/28/2022
/ Anti-Money Laundering ,
BSA/AML ,
Cryptocurrency ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Terrorist Financing ,
U.S. Treasury
On June 29, 2020, the Financial Crimes Enforcement Network (FinCEN) published updated guidance intended to “enhance the availability of financial services” for the hemp industry (the Guidance). Even though the Agriculture...more
7/20/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Due Diligence ,
Financial Institutions ,
FinCEN ,
Guidance Update ,
Hemp ,
Money Laundering ,
Suspicious Activity Reports (SARs)
I will start by saying I am a proud Francophile. I love many things about French culture; from the just-right draw of their espresso (sorry, Italy, that ristretto is just too short and bitter) to the sacrosanct treatment of...more