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 -
News & Analysis as of

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

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

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

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

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

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

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

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

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...

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

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)

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

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

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

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...

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

Financial Regulatory Developments Focus - December 2015

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Blog: European Council To Ask Commission To Strengthen Controls Over Electronic Payments & Virtual Currencies

It’s being widely reported in Europe this evening that, after tomorrow’s extraordinary meeting of the European Union’s Justice & Home Affairs Council meeting, the European Council will ask the Europe Commission to “present...more

Virtual Currencies: International Actions and Regulations

This chart is provided by Perkins Coie LLP’s Decentralized Virtual Currency industry practice group for informational purposes only and is not legal advice. This information is not intended to create, and receipt of it does...more

The CSBS Finalizes Model Framework for Virtual Currencies

On September 15, 2015, the Conference of State Bank Supervisors (“CSBS”) issued its final Model Regulatory Framework on virtual currency activities (“Final Framework”). The Final Framework follows the CSBS’s December 2014...more

Financial Services Weekly News - September 2015 #3

Regulatory Developments: CFTC Grants Temporary Registration as SEF to LedgerX Bitcoin Options Exchange and Clearing House - On Sept. 10 the CFTC announced that it had issued an Order of Temporary Registration as a...more

DOJ’s Recent Guidance On Compliance For Virtual Currency Businesses

What compliance expectations does the Department of Justice have for businesses entering the virtual currency space? How can a company meet those expectations to stay out of trouble with DOJ, or at least mitigate the effects...more

Bitcoin Week in Review 07.20.15 – 07.24.15

Domestic Developments - Florida. Anthony Murgio and Yuri Lebedev, operators of bitcoin exchange service were arrested on July 21, 2015 for operating the exchange without a money transmission license. The U.S....more

State Regulation of Virtual Currency: A Recap

This may be the year of the virtual currency. Virtual currencies have garnered much media, investor, and government attention. But, as venture capital funding continues to pour into the industry—more than $1 billion is...more

FinCEN Enforcement and Regulatory Focus—Transparency in Real Estate Transactions, Virtual Currency and More

Why it matters - Transparency in the financial system was underscored as a key focus for the Financial Crimes Enforcement Network (FinCEN) by Director Jennifer Shasky Calvery in a speech before the West Coast AML Forum...more

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