Securities Exchange Act, FinCEN

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on 2/9/2024

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

The Corporate Transparency Act: Are You Ready?

Dorsey & Whitney LLP on 1/31/2024

On January 1, 2024, new direct reporting requirements to the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of the Treasury, became effective – known as the Corporate Transparency...more

Twinkle-Twinkle Little SAR: SEC & FINRA Settle with Broker-Dealers and Registered Rep

Holland & Knight LLP on 11/9/2023

In a series of settlements announced this year, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) penalized several broker-dealers for allegedly failing to file...more

SEC Enforcement Actions Reflect Expansion of SEC’s AML Compliance Focus: Broker-Dealers, Investment Advisers, Registered...

WilmerHale on 9/29/2023

The Securities and Exchange Commission (SEC) recently announced anti-money laundering (AML)-related charges against an individual registered representative for failing to escalate red flags of potentially suspicious activity,...more

Preparing for the Corporate Transparency Act: What you should be doing now

Quarles & Brady LLP on 8/4/2023

Although you have probably been bombarded with news about the Corporate Transparency Act which is set to take effect on January 1, 2024, its actual impact for most operational companies in the U.S. will likely be...more

Out of Scope - Exemptions from the Corporate Transparency Act

Willcox & Savage on 2/7/2023

The second installment in a multi-part series looking at the new Corporate Transparency Act discusses what is likely to be the first question that many companies have whenever a new law is passed – are we exempt? ...more

FinCEN Proposes Form of Report to Collect Beneficial Ownership Information and Application to Obtain FinCEN Identifiers

Goodwin on 1/27/2023

Regulatory Developments - FinCEN Proposes Form of Report to Collect Beneficial Ownership Information and Application to Obtain FinCEN Identifiers - On January 17, FinCEN proposed a form of report to collect beneficial...more

Top PHive Crypto Enforcement Notes: January Edition

Paul Hastings LLP on 1/13/2023

Happy New Year! While the holidays hopefully provided a chance to rest and recharge, things have not slowed down in the world of digital asset enforcement. We see a growing dedication of resources by government law...more

FinCEN Issues Final Rule Implementing Corporate Transparency Act Requirement

Holland & Knight LLP on 10/7/2022

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule on Sept. 29, 2022, implementing the beneficial ownership information (BOI) reporting requirement of the Corporate...more

Treasury Issues Final Rule on Disclosure of Beneficial Ownership

Rivkin Radler LLP on 9/30/2022

In an effort to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, the United States Department of the Treasury just issued a final rule [RIN: 1506-AB49]. ...more

Grayscale Investments Petitions D.C. Circuit For Review Of SEC’s Decision To Disapprove Proposed Bitcoin Exchange-Traded Product

Goodwin on 7/14/2022

On June 29, 2022, Grayscale Investments, LLC petitioned the U.S. Court of Appeals for the District of Columbia for review of the U.S. Securities and Exchange Commission’s June 29, 2022 final order disapproving of an October...more

Red Flag Refresher: Broker-Dealers and the Importance of Strong AML Compliance

Holland & Knight LLP on 7/6/2022

The SEC continues to focus a portion of its enforcement attention on registrants' obligations with regard to anti-money laundering (AML) compliance and transaction monitoring. In this post, we provide a refresher on the...more

FinCEN Publishes Notice of Proposed Rulemaking on the Corporate Transparency Act

Miller Canfield on 12/21/2021

On December 8, 2021, the U.S. Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) implementing Section 6403 of the Corporate Transparency Act (CTA), which gives the public until...more

FinCEN Announces Proposed Regulations to Implement Corporate Transparency Act Requirement

Holland & Knight LLP on 12/15/2021

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) released proposed regulations on Dec. 7, 2021, seeking to implement the "beneficial ownership information" (BOI) requirement of the Corporate...more

Continuing AML regulatory issue focus: A look at a recent SEC enforcement case, the SEC’s response to Petition for Certiorari, and...

BCLP on 10/21/2021

Garcia Case Highlights Necessity of Knowing Your Customer and Listening to Internal Fraud Watchdogs. The SEC’s recent Order against a broker-dealer (the “Firm”) imposed a $750,000 financial penalty for the Firm’s failure...more

House Votes to Repeal OCC True Lender Rule

Goodwin on 7/28/2021

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Broker-Dealers Fail SEC AML Examinations

Ballard Spahr LLP on 4/5/2021

On March 29, 2021, the Securities and Exchange Commission (“SEC”) began to make good on its promise to make AML a key examination priority in 2021 by issuing a risk alert authored by the Division of Examinations (“EXAMS”)...more

Congress Makes Sweeping Changes to Money Laundering Enforcement

Buchalter on 1/5/2021

On New Year’s Day 2021, Congress passed—over President Trump’s veto—a defense appropriations law containing the Anti-Money Laundering Act of 2020 (“AML Act”) and the Corporate Transparency Act, as part of a sweeping new set...more

New BSA/AML Regime Promises Sweeping Changes

King & Spalding on 12/23/2020

As we wrote over the summer, Congress has passed a bill that will require certain corporations and limited liability companies (“LLCs”) to report information on their beneficial owners to the U.S. Treasury Department’s...more

TALF Program Update: Master Loan and Security Agreement and Updated FAQs

Proskauer Rose LLP on 8/31/2020

On May 20, 2020, the Federal Reserve Bank of New York (the “New York Fed”) released the form of Master Loan and Security Agreement (“MLSA”) that will govern loans issued under its Term Asset-Backed Loan Facility (“TALF”) and...more

The United States-Mexico-Canada Agreement – Paving the Way for a Cross-Border Fintech Sandbox

Sheppard Mullin Richter & Hampton LLP on 5/31/2020

At over $30 billion USD in transactions a year, the United States-Mexico remittance corridor is one of the largest in the world. The rapid development of cryptocurrencies has enabled cross-border transactions at just a...more

Recent regulatory developments regarding AML requirements for broker-dealers

Eversheds Sutherland (US) LLP on 11/13/2019

On October 11, 2019, the leaders of the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC), and the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a...more

Corporate & Financial Weekly Digest, Featuring Articles on Shareholder Proposals Exclusion, the SEC's New Asset Management...

Katten Muchin Rosenman LLP on 10/21/2019

SEC/CORPORATE - SEC Issues Legal Bulletin Regarding Shareholder Proposals Exclusion - On October 16, the staff of the Division of Corporation Finance (Staff) of the Securities and Exchange Commission issued Staff...more

ICOs – The Developing Regulatory Environment

Womble Bond Dickinson on 3/12/2019

Initial Coin Offerings, or ICOs, have emerged at the intersection of cryptocurrencies and blockchain. Compared to a traditional equity offering in the United States where a company issues stock to investors in exchange for...more

Blockchain Week in Review - July 2018 #2

Perkins Coie on 7/31/2018

U.S. Developments - Regulatory Updates - CFTC Issues Customer Advisory Urging Public to Use Caution When Buying Virtual Currencies - On July 16, 2018, the U.S. Commodity Futures Trading Commission (“CFTC”) issued...more

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