News & Analysis as of September 18, 2024

FinCEN

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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 -

FinCEN Announces Anti-Money Laundering Priorities

McDermott Will & Emery on 7/19/2021

The Financial Crimes Enforcement Network (FinCEN) recently issued its government-wide anti-money laundering (AML) and countering the financing of terrorism (CFT) priorities (AML/CFT priorities). FinCEN issued the AML/CFT...more

New FinCEN Anti-Money Laundering Priorities

Foley & Lardner LLP on 7/13/2021

Financial Crimes Enforcement Network (FinCEN) remains committed to combating money laundering, in all forms, in connection with the banking and financial systems. To this end, on June 30, 2021, FinCEN issued new...more

FinCEN Issues Anti-Money Laundering and Countering the Financing of Terrorism Priorities

King & Spalding on 7/8/2021

FinCEN announces eight areas of focus and advises preparation for issuance of new regulations - On June 30, 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the first...more

FinCEN Announces National AML/CFT Policy Priorities

Holland & Knight LLP on 7/7/2021

The Financial Crimes Enforcement Network (FinCEN) on June 30, 2021, issued national priorities for anti-money laundering (AML) and countering the financing of terrorism (CFT) policy (the Priorities), as required by the...more

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions...

BakerHostetler on 4/5/2021

US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more

FinCEN Extends Crypto Rule Comment Period, Crypto Products Launch; Enforcement Agencies Target Crypto Crimes in US, Japan and...

BakerHostetler on 2/1/2021

FinCEN Extends Crypto Rule Comment Period, Crypto Payment Products Launch - This week the U.S. Financial Crimes Enforcement Network (FinCEN) published a notice extending the comment period for its proposed rule that would...more

NY DFS Approves New Stablecoin Co., Blockchain Data Solutions Announced, New Cryptocurrency Regulatory and Enforcement Actions in...

BakerHostetler on 1/11/2021

NY DFS Approves New Stablecoin Company, Crypto Financial Products Continue Growth - New York’s Department of Financial Services (DFS) recently granted a charter under New York Banking Law to a Japanese cryptocurrency firm...more

Legislative Reform Will Reinvent the US Anti-Money Laundering Regulatory Landscape

Pillsbury Winthrop Shaw Pittman LLP on 1/6/2021

New federal requirements in the annual national defense budget reauthorization effectively will end anonymous U.S. shell companies by requiring businesses to disclose 25 percent owners and control persons to a newly created...more

Rapidly Shifting Regulatory Landscape for Virtual Currencies | Market Participants: Stay Tuned

McDermott Will & Emery on 3/27/2018

As US regulators have been active in terms of virtual currency regulation, there are three important updates to which attention should be paid. The New York State DFS guidance, the FinCEN letter to Senator Wyden and the...more

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