FinCEN

Manhattan Bar Accepts Bitcoins as Payment

by Jenna Karadbil | Pillsbury Social Media, Entertainment &... on 5/20/2013

A new Manhattan bar has become one of the few brick and mortar operations to accept Bitcoins as a method of payment. For more information, see New York City bar Accepting Bitcoins as Payment....more

Bitcoin Exchange Assets Seized

by James G. Gatto | Pillsbury Social Media, Entertainment &... on 5/20/2013

Federal authorities executed a seizure warrant against a bank account associated with one of the leading bitcoin exchanges. The warrant was not based on bitcoins themselves being illegal. Rather, the entity was not registered...more

Bitcoin And The Corporations Code

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 5/20/2013

I’ve been seeing an increasing number of references to Bitcoin and other forms of virtual or crypto currencies in the news. For example, Jeffrey Sparshott and Robin Sidel of the Wall Street Journal reported last week that...more

Bitcoin Regulatory Update: Understanding the Federal Government’s Attack on Mt. Gox

by Fuerst Ittleman David & Joseph, PL on 5/17/2013

Bad news travels fast. On May 14, Magistrate Judge Susan Gauvey of the United States District Court for the District of Maryland signed a Seizure Warrant authorizing the Federal Government to seize “the contents of Dwolla...more

FinCEN: Accountant and Elder Abuse

by Jonathan Foxx on 5/17/2013

We have been keeping track of FinCEN's SAR Activity Review – Trends, Tips & Issues virtually from its inception. In its just issued May 2013 report, FinCEN provides new information regarding two areas of importance: 1)...more

Financial Crimes Enforcement Network Issues Guidance on Virtual Currency

by Elsa Broeker, JiJi Park, Amy L. Pierce, Deborah Thoren-Peden | Pillsbury Winthrop Shaw Pittman LLP on 5/16/2013

FinCEN recently issued interpretive guidance to clarify that it views certain activities involving convertible virtual currencies as money transmission services under the Bank Secrecy Act and FinCEN regulations. If your...more

FinCEN Publishes SAR Activity Review And Annual SAR Data Report

by BuckleySandler LLP on 5/15/2013

This week, FinCEN published its semiannual SAR Activity Review, which provides information about the preparation, use, and value of Suspicious Activity Reports (SARs) filed by financial institutions. ...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 10, 2013

by BuckleySandler LLP on 5/13/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

Virtual Currency: Recent Federal Regulatory Considerations

by Timothy R. McTaggart, Matthew R. Silver | Pepper Hamilton LLP on 5/2/2013

Bitcoin is a virtual currency – it has no physical form in paper or metal and is not connected with any central bank or governmental authority. It is freely tradable via the internet or other electronic means. Transactions in...more

FinCEN Issues Guidance On Syria

by BuckleySandler LLP on 4/24/2013

On April 15, FinCEN issued Advisory FIN-2013-A002, which advises financial institutions to review regulations that require U.S. financial institutions to perform money laundering or other suspicious activity due diligence or...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 19, 2013

by BuckleySandler LLP on 4/22/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - Excerpt from Consumer...more

Virtual Currency Under Federal Anti-Money Laundering Laws: FinCEN Provides Guidance

by David Beam | K&L Gates LLP on 4/5/2013

A lot of companies transact in credits that might be called “virtual currency.” Most of these companies probably do not consider themselves financial institutions. Many have never considered the possibility that they need to...more

2012 Bank Enforcement Actions Still High, But Significantly Lower Than 2010-11

by Robert H. Ledig, Robert Rhatigan, Aline Smith, Thomas P. Vartanian | Dechert LLP on 4/4/2013

Originally published in BNA’s Banking Report, 100 BBR 617 on 04/02/2013. Overall Trends & Outlook - In 2012, the federal banking agencies, including the Federal Deposit Insurance Corporation (‘‘FDIC’’), Office...more

Mobile Payments Start-Ups: The need to know landscape

by Erin Fonté | Cox Smith on 4/3/2013

Originally published in E-Finance & Payments Law & Policy - February 2013. New payments companies need to be aware of the legal and compliance issues that are part of operating in two of the most heavily regulated US...more

FinCEN Issues Guidance On Virtual Currencies

by BuckleySandler LLP on 3/26/2013

On March 18, FinCEN issued guidance to clarify the applicability of Bank Secrecy Act regulations to persons creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies. FinCEN clarifies that a...more

FinCEN Issues Virtual Currency Guidance

by Keith R. Fisher, Alan S. Kaplinsky, Beth Moskow-Schnoll, Mercedes Kelley Tunstall | Ballard Spahr LLP on 3/25/2013

The Financial Crimes Enforcement Network (FinCEN) has issued formal guidance to clarify the anti-money laundering obligations of administrators and exchangers of convertible virtual currency. “Virtual” currency, unlike...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 22, 2013

by BuckleySandler LLP on 3/25/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE -...more

New FinCEN Guidance Changes Regulatory Landscape For Virtual Currencies And Some Prepaid Programs

by Joseph Cutler, J. Dax Hansen, Carla L. Reyes | Perkins Coie on 3/22/2013

To address a perceived gap in regulatory treatment of increasingly popular virtual currencies, including Bitcoin, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) released new guidance on...more

FINCEN Issues Virtual Currency Regualtions

by James G. Gatto | Pillsbury Social Media, Entertainment &... on 3/22/2013

FINCEN has recently issued what is perhaps the most specific pieces of regulatory Guidance on the financial regulatory issues with virtual currencies. ...more

Treasury Department: Bitcoin Dealers Are Regulated Under Money-Laundering Laws

by Jeff Ifrah on 3/20/2013

Timothy Lee at Forbes magazine has reported today that the Financial Crimes Enforcement Network (FinCEN), a branch of the Treasury Department, has issued new guidelines on the legal status of Bitcoin under U.S. money...more

FinCEN Reminds Financial Institutions About E-Filing Reports

by BuckleySandler LLP on 3/18/2013

On March 7, FinCEN issued a notice reminding institutions that they must use FinCEN’s new electronic reports to file most Bank Secrecy Act Reports, including Suspicious Activity Reports, Currency Transaction Reports,...more

FinCEN Proposes Third-Party Filing Of FBAR Reports

by BuckleySandler LLP on 3/14/2013

On Mach 5, FinCEN published a notice and request for comment on proposed changes to the Foreign Bank and Financial Accounts Report (FBAR) to standardize it with other BSA electronically filed reports and allow for a third...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 8, 2013

by BuckleySandler LLP on 3/11/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CRIMINAL ENFORCEMENT -...more

FinCEN Reminds Institutions About Tax Refund Fraud And SAR Filing

by BuckleySandler LLP on 3/7/2013

On February 26, FinCEN issued Advisory FIN-2013-A001 to remind financial institutions of their important role in identifying tax refund fraud and provide a list of red flags to aid in such identification. The Advisory also...more

FinCEN Issues Advisory to Financial Institutions: Update on Tax Refund Fraud and Related Identity Theft

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 3/7/2013

On February 28, and in connection with the start of tax season, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to remind financial institutions about tax refund fraud and the required reporting of such...more

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