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Virtual Currency Anti-Money Laundering

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -

Blog: West Virginia Defines Cryptocurrency In Anti-Money Laundering Bill

by Cooley LLP on

On April 8, West Virginia passed a new bill (pending the Governor’s signature) that defines cryptocurrency in the context of money laundering. In the bill, “Cryptocurrency” would mean “digital currency in which...more

EU Proposes Significant Changes to Anti-Money Laundering Laws

Policy makers in Europe continue to explore responses to the Panama Papers revelations and recent terrorist attacks. On 28 February, European law makers approved important amendments to the EU’s Anti-Money Laundering (AML)...more

Are Banks Ready for a KYC Revolution?

Many of the world’s largest financial institutions have invested in distributed ledger technology—known popularly as blockchain technology—to improve their business operations. An area where this disruptive innovation holds...more

Combating Money Laundering and Terrorist Financing with a Distributed Ledger

by Ballard Spahr LLP on

Despite the staggering $8 billion figure estimated to be spent on global compliance in 2017, U.S.-based rules regarding Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) remain anchored in their...more

2016 Year in Review: Money Laundering (Part Two)

by Ballard Spahr LLP on

In part two of our review of the 2016 developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues, we discuss four additional key...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Blackstone is spinning off a new housing maintenance and rental venture in the form of Invitation Homes LP, which could see an IPO as early as January 2017. Invitation Homes is the culmination of a four-year, $10 billion...more

International AML Enforcement in 2017 Expected to Target Consumer-Due-Diligence Programs, Gaming Entities, Prepaid Cards, Digital...

by K&L Gates LLP on

Over the past two years, financial regulatory bodies in the United States and Europe have increasingly emphasized consumer due diligence (“CDD”) by financial institutions as a means to combat money laundering and terrorist...more

Blog: 5th Anti-money Laundering Directive: 2nd Presidency Compromise Text published

by Cooley LLP on

The Council of the European Union has published the 2nd Presidency Compromise Text version of the 5th Anti-money Laundering Directive. The text has been marked up to show how the 1st Compromise Text has been change to create...more

Blog: 5th Anti-money Laundering Directive: Presidency compromise text published / ECB recommendations accepted

by Cooley LLP on

The Council of the European Union has published the first “Presidency compromise text” version of (what is now being referred to as) the 5th Anti-money Laundering Directive (5AMLD) (it used to be “an amendment to 4AMLD”...more

Blog: Virtual currencies & the 4th Anti-money Laundering Directive: ECB Opinion on the Commission’s proposals

by Cooley LLP on

The European Commission published proposals to amend the 4th Anti-money Laundering Directive, to bring crypto-currency exchanges and wallet providers within scope, in early July 2016. The European Banking Authority...more

A System of Voluntary Self-Identification in the World of Virtual Currencies

by Locke Lord LLP on

On 5th July 2016, the European Commission (the “Commission”) published a proposal for a Directive amending the Fourth Money Laundering Directive (“Proposed Directive”), which sets out, amongst other things, to bring into...more

European Commission tackles financing risks linked to virtual currencies

by DLA Piper on

The European Commission has adopted a proposal to strengthen anti-money laundering (AML) and counterterrorism financing (CFT) measures related to virtual currencies. The proposal, adopted in July 2016, seeks to bring...more

European Banking Authority Opines on Virtual Currencies and the Fourth Anti-Money Laundering Directive

by Shearman & Sterling LLP on

The European Banking Authority published an Opinion on the Commission’s proposed amendments to the Fourth Anti-Money Laundering Directive and its application to virtual currencies. The Commission is proposing to bring...more

Blog: Virtual currencies & the 4th Anti-money Laundering Directive: EBA criticizes Commission’s proposals

by Cooley LLP on

The European Banking Authority has published an Opinion, which criticizes the Commission’s approach to virtual currencies (VCs) and its proposed amendments to the 4th Anti-money Laundering Directive (4AMLD). In its 2014...more

Blog: European Commission considers database to end crypto-currency anonymity

by Cooley LLP on

The European Commission has published a proposal that, if made and brought into force, will amend the 4th Anti-money Laundering Directive (4AMLD) before the Member States are required to transpose it into their national...more

EU Proposal to Address Virtual Currency Exchanges & Wallet Providers in Anti-Money Laundering Laws

by Goodwin on

The European Commission recently published a proposal to amend the Fourth Anti-Money Laundering Directive, the legislation that specifies the anti-money laundering, or AML, and counter terrorist financing rules for EU Member...more

EU brings virtual currency exchanges and wallet providers under the EU Anti-Money Laundering Directive

by Reed Smith on

On 5 July 2016, the European Commission (the Commission) adopted a proposal for a directive that, when passed, will begin to narrow the regulatory gap between the U.S. and the EU for virtual currency exchange platforms and...more

Blog: European Commission brings virtual currency exchanges & wallet providers within the scope of the 4th Anti-money Laundering...

by Cooley LLP on

The European Commission has published a proposal for a directive that will amend the 4th Anti-money Laundering Directive (4AMLD). If the directive is made and brought into force, the EU Member States will be obliged to...more

Blog: European Parliament Moves To Crack Down On The Use Of Virtual Currencies For Money Laundering & Terrorism

by Cooley LLP on

The European Parliament has just published a press release, describing a “move to crack down on [the] use of virtual currencies for money laundering, terrorism“, although that’s not quite what the backstory suggests is about...more

Blog: Virtual Currencies – The European Parliament’s Box Of Frogs (Part 2)

by Cooley LLP on

The European Parliament’s Committee on Economic and Monetary Affairs has published its final report on virtual currencies. Our comparison version shows that it’s in materially the same form as the draft published by the...more

Blog: Virtual Currency Regulation: The European Parliament’s Box Of Frogs

by Cooley LLP on

On 26 April 2016, the European Parliament’s Internal Market & Consumer Protection (IM&CP) Committee published an Opinion about virtual currencies. The Opinion was prepared by Ulrike Trebesius (MEP) and it calls on the...more

FinCEN Enforcement Trends: 2015 Year in Review

by Reed Smith on

A review of FinCEN’s enforcement efforts in 2015 and 2014 reveal a marked trend away from its longstanding focus on depository institutions and toward otherwise unregulated financial institutions, as well as an increased...more

Blog: International Regulators Take An Interest In Crypto-Currencies & The Blockchain: Regulation Is On Its Way

by Cooley LLP on

In the space of less than 24 hours, the UK’s Financial Conduct Authority (FCA), the European Parliament and the Financial Stability Board (FSB), published three documents which demonstrate a keen interest in (a) using; and...more

Blog: Applying The 4th Anti-Money Laundering Directive & The 2nd Payment Services Directive To Virtual Currency Exchanges And...

by Cooley LLP on

The European Union’s Economic and Financial Affairs Council will meet on Friday 12 February 2016. At that meeting, the Council will be invited to agree to...more

Can New Beneficial Owner Identification Requirement for Cash-Only Real Estate Deals in Miami and New York City Be Avoided if...

Why it matters - After years of concern about money laundering through shell corporations, repeated legislative and regulatory efforts to gain more information on beneficial owners of entities involved in various types...more

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Cybersecurity

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