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Money Laundering Regulatory Oversight

Jones Day

DOJ Announces New Whistleblower Program and Enforcement Initiatives

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The Development: On March 7, 2024, Deputy Attorney General ("DAG") Lisa Monaco discussed updates to the Department of Justice's ("DOJ" or "Department") corporate criminal enforcement policies and announced a pilot program...more

Mayer Brown

EU Institutions Reach Political Agreements On Anti-Money Laundering and Countering the Financing of Terrorism Package

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On January 17, 2024, the Council of the European Union (Council) and the European Parliament (Parliament) announced that a political agreement had been reached on (i) a new Regulation setting forth a single anti-money...more

Carlton Fields

FINRA Issues 2024 Annual Regulatory Oversight Report

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FINRA issued its 2024 Annual Regulatory Oversight Report on January 9, 2024, providing a glimpse into FINRA’s current regulatory oversight of member firms and their registered personnel in 27 topic areas....more

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights January 2024 - Cayman Moves Closer to a List-Free Summer!

The Cayman Islands recently received an early Holiday gift when the EU Commission published a regulation in mid-December paving the way to remove Cayman from its list of ‘high-risk’ countries for AML/CFT purposes. The...more

Latham & Watkins LLP

FinCEN Seeks Enhanced Oversight of Crypto Mixing

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A proposed rule would increase Treasury’s insight into non-US crypto mixing transactions to combat illicit activities by malicious actors. On October 19, 2023, the US Department of the Treasury’s Financial Crimes...more

Kohn, Kohn & Colapinto LLP

Cryptocurrencies Mirrored a New Gold Rush, Then Ended Up Similarly: With Scammers Going to Jail

Despite the excitement that surrounded original cryptocurrencies like Bitcoin, the dust eventually settled, revealing that only a few early investors got rich and many others lost their life savings. But it was not long...more

WilmerHale

Digital Assets Consultation Offers First Step In Regulation

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The International Organization of Securities Commissions, or IOSCO, published a consultation report in May titled "Policy Recommendations for Crypto and Digital Asset Markets." Originally published by Law360 - July 11,...more

American Conference Institute (ACI)

[Event] 7th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems - April 18th - 19th, New York, NY

Join American Conference Institute at the 7th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems on April 18-19, 2023, in New York! Gain key insights into the hurdles arising amid...more

McDermott Will & Emery

Insurance Regulators Continue Big Data Scrutiny

We previously reported on regulators’ increased attention to the use of big data systems, including external consumer data and information sources, algorithms and predictive models. Recent announcements in Colorado, Louisiana...more

Shipkevich PLLC

Metaverse Primer

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The term “metaverse” first appeared in 1992 as an abstract concept in Neal Stephenson’s dystopian novel Snow Crash. Two decades later, the Metaverse has since evolved from a mere idea to a figment of everyday reality, as it...more

Cadwalader, Wickersham & Taft LLP

New Bipartisan Bill Takes Aim at Digital Asset Money Laundering and Terrorism Finance

On December 14, Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced in the U.S. Senate a new bipartisan bill, titled "Digital Asset Anti-Money Laundering Act of 2022" (the “Bill”), intended to curb the...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Expands Enforcement Measures To Address Fraud and Money Laundering

On 22 September 2022, the U.K. government introduced the Economic Crime and Corporate Transparency Act 2022. The new bill is currently navigating its way through the U.K. Parliament and is likely to receive royal assent in...more

Dechert LLP

Federal Reserve Board of Governors Issues Guidelines for Federal Reserve Account Service Access and Additional Crypto-Related...

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The Board of Governors of the Federal Reserve System (Federal Reserve) approved final guidelines (Guidelines) on August 15, 2022, to be used by Federal Reserve Banks (Reserve Banks) to evaluate requests to use accounts and...more

Foley Hoag LLP - White Collar Law &...

NY Department of Financial Services Slaps $30 Million Fine on Robinhood’s Crypto Platform for Lax Anti-Money Laundering Controls

On August 1, 2022, the New York Department of Financial Services (“DFS” or the “Department”) secured its first enforcement win against a cryptocurrency platform, Robinhood’s crypto trading arm Robinhood Crypto, LLC....more

Sheppard Mullin Richter & Hampton LLP

Money Laundering and High-Value Art: Treasury’s Study Discusses Financial Crimes and NFTs

With the advent of blockchain technology, vendors are increasingly accepting payments of goods, including artwork, with digital currency. The decentralized nature of digital currency makes it attractive for a lot of reasons,...more

Sheppard Mullin Richter & Hampton LLP

Are You Ready for Web3.0 and the Legal Issues it Will Bring?

Blockchain is one of the most significant new technologies since the internet. It has ushered in what has been referred to as Web3.0. Some of the most popular applications of this technology include NFTs and metaverses. ...more

Dechert LLP

FATF Updates Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers

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The Financial Action Task Force ("FATF"), the global money laundering and terrorist financing (“ML/TF”) watchdog, recently issued updated guidance related to compliance risks resulting from activities involving Virtual Assets...more

Cohen & Gresser LLP

Increased Scrutiny for the Crypto Industry: DOJ Creates a Special Enforcement Team as Regulators Sharpen their Focus

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The cryptocurrency industry should brace itself for increased scrutiny from the DOJ and other enforcement agencies. The DOJ recently announced the creation of a National Cryptocurrency Enforcement Team (“NCET”), which will...more

Polsinelli

Updated Guidance from the FATF Regarding a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers

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On October 28, 2021, The Financial Action Task Force (FATF), an inter-governmental body that sets international standards with an aim to prevent global money laundering and terrorist financing, released updated guidance...more

Vinson & Elkins LLP

Sound the Alarm: DOJ’s New Criminal and Civil Tools to Combat Crypto-Cyber Threats Should Prompt Investment in Cyber Compliance

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As a strong signal that it intends to increase its focus on illicit crypto transactions, the Department of Justice (“DOJ”) announced the creation of an enforcement team, the National Cryptocurrency Enforcement Team (“NCET”),...more

Vinson & Elkins LLP

UAE further strengthens its AML protections with creation of specialist AML court

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The United Arab Emirates (the “UAE”) has announced a new division of its court system established specifically to hear cases relating to money laundering and financial crime. This new Court, an integral element of the UAE’s...more

Robinson+Cole Data Privacy + Security Insider

Recent Ransomware Attacks Call for More Oversight of Crypto-Transactions

After the attacks on JBS and Colonial Pipeline, the U.S. Treasury Department will likely consider increasing its enforcement of anti-money-laundering laws and adopt new reporting requirements for cryptocurrency transactions....more

McGlinchey Stafford

Cryptocurrency: Wild West or Wall Street? [More with McGlinchey, Ep. 22]

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Every day, the mainstream media and social media are filled with references to cryptocurrency. Depending on who you ask, it’s either simply the next way to spend your money, or it’s a haven for criminal activity. In this...more

Orrick, Herrington & Sutcliffe LLP

The CFTC Begins Policing AML Enforcement

Financial institutions with anti-money laundering responsibilities under the Bank Secrecy Act (BSA) take note: there’s a new sheriff in town.  The Commodity Futures Trading Commission recently finished its fiscal year with...more

Proskauer - The Capital Commitment

A Mix of Clarity and Confusion: Crypto Asset Law and Regulation in the UK

Just as U.S. regulators are wrestling with the question of how to regulate cryptocurrencies and digital assets, as reported here, the same questions are being asked in the UK. Some have been answered with refreshing clarity;...more

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