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Virtual Currency › Department of Justice (DOJ) › 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 -
White & Case LLP

The Shadow Financial System

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The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

Lowenstein Sandler LLP

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - December 2023

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TRADE TIP OF THE MONTH: New Companies Have More Time To Report Ownership- The Treasury Department’s Financial Crimes Enforcement Network issued a final rule in late November to delay the deadline for newly created...more

Sheppard Mullin Richter & Hampton LLP

Binance’s Paper Compliance Program Crumples Under OFAC Scrutiny in Largest OFAC Settlement in History

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On November 21, 2023, the U.S. Office of Foreign Assets Control (OFAC) announced its largest settlement in history with the virtual currency exchange Binance. This almost-billion dollar settlement is a part of a larger...more

Orrick, Herrington & Sutcliffe LLP

FinCEN prohibits engagement with virtual currency exchange connected to Russian finance

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On January 18, the Financial Crimes Enforcement Network (FinCEN) issued its first order pursuant to section 9714(a) of the Combating Russian Money Laundering Act to identify a Hong Kong-registered global virtual currency...more

Paul Hastings LLP

Top PHive Crypto Enforcement Notes: September Edition

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Greetings, and thank you for taking a look at our new monthly crypto enforcement newsletter. Our goal is to share five topics each month that we believe are of significance in the world of crypto enforcement—particularly as...more

Lowenstein Sandler LLP

SDNY U.S. Attorney's Office Charges First-Ever Digital Asset Insider Trading Scheme

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Reaffirming DOJ’s focus on digital assets, the U.S. Attorney’s Office for the Southern District of New York today charged a defendant, for the first time ever, with insider trading in non-fungible tokens (NFTs). ...more

BakerHostetler

Executive Order Addresses Digital Assets; Banks and Restaurants Launch Crypto Initiatives; FinCEN Issues Alert; SEC, CFTC and DOJ...

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This week, President Joe Biden signed “Executive Order on Ensuring Responsible Development of Digital Assets” (EO). According to a fact sheet published with the EO, the EO calls for measures to accomplish the following...more

K2 Integrity

Global Markets May Face Risk of Virtual Currency Abuse as Russian Actors Seek to Circumvent Sanctions

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The United States, the United Kingdom, and European Union have led a broad international coalition imposing a sweeping and unprecedented range of economic and financial sanctions against Russia and Belarus in response to...more

The Volkov Law Group

What to Know About the DOJ’s National Cryptocurrency Enforcement Team

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In early October, U.S. Department of Justice (“DOJ”) Deputy Attorney General Lisa Monaco announced the creation of the National Cryptocurrency Enforcement Team (“NCET”).  The NCET will handle the Department’s investigations...more

Bracewell LLP

DOJ Trumpets New Multi-Faceted Cryptocurrency Task Force: What this Means for You

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In keeping with the United States government’s expanding scrutiny of cryptocurrency markets, the DOJ recently announced the creation of a National Cryptocurrency Enforcement Team (the “NCET”). The NCET endeavors to add a...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

McDermott Will & Emery

DOJ and IRS’ Analysis of Crypto Records and Work with Private Experts and International Partners Leads to Arrest

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US law enforcement continues to make no secret of their efforts to work closely with experts and overseas partners to prosecute those involved in virtual currency transactions who attempt to rely on its purported anonymity to...more

Snell & Wilmer

SEC Action Could Have Rippling Effects on Future of Cryptocurrency

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Many investors, traditional and progressive, are looking hard at cryptocurrency investments as a way to diversify their portfolios. However, there are still multiple known “unknowns” about this new market, including the...more

Perkins Coie

Blockchain Week in Review - December 2020 #2

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U.S. Developments - Members of Congress Request SEC Clarity On Digital Securities Custody - On December 9, a bipartisan group of representatives penned a letter to SEC Chairman Jay Clayton regarding the issue of...more

Orrick, Herrington & Sutcliffe LLP

AML Enforcement Is a Key Tool to Combat Cryptocurrency Crimes

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On October 8, 2020, the U.S. Attorney General’s Cyber-Digital Task Force released its Cryptocurrency Enforcement Framework. The Framework makes clear that, in addition to prosecuting bad actors who use cryptocurrency to...more

Foley & Lardner LLP

FinCEN Takes Action Against Bitcoin Mixer for Violating the Bank Secrecy Act

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On October 19, 2020, The Financial Crimes Enforcement Network (FinCEN) announced its first action against a bitcoin mixer: a $60 million civil penalty against Larry Dean Harmon. Harmon was the founder and operator of Helix...more

Polsinelli

Superman29 - Welcome to the Phantom Zone

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In a lesson to everyone that the use of foolish monikers will come back to haunt you, Kais Mohammad, 36, a.k.a. “Superman29,” has met his Kryptonite - the U.S. Department of Justice. ...more

King & Spalding

Virtual Currency as a Threat to National Security?

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In the past, sanctioned jurisdictions like Venezuela have embraced virtual currency as a way to bypass channels that involve U.S. dollars, blunting the impact of U.S. economic sanctions policies aimed at isolating those...more

Katten Muchin Rosenman LLP

Bridging the Week - April 2019 #2

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The New York State Department of Financial Services cancelled the temporary authority of a major cryptocurrency exchange to operate in New York, saying its failure to meet anti-money laundering, AML compliance officer quality...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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NYSE owner Intercontinental Exchange is looking to do the as-yet inconceivable: bring some order to cryptocurrencies. The plan, announced yesterday, is to launch a data feed that pull info from cryptocurrency exchanges around...more

K&L Gates LLP

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

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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

Morrison & Foerster LLP

DOJ’s Recent Guidance On Compliance For Virtual Currency Businesses

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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

Manatt, Phelps & Phillips, LLP

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

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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

Manatt, Phelps & Phillips, LLP

Corporate Investigations & White Collar Defense - May 2015

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It’s an Absolute Privilege to Meet You! Texas Supreme Court Rules That Internal Investigation Report Provided by Shell Oil to DOJ Enjoys “Absolute Privilege” - Why it matters: On May 15, 2015, the Texas Supreme Court...more

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