On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the Digital Asset Anti-Money Laundering Act (the “Act”), legislation aimed at closing...more
8/14/2023
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
CFTC ,
Corporate Transparency Act ,
Digital Assets ,
FBAR ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Money Laundering ,
Money Services Business ,
NDAA ,
Proposed Legislation ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
Legislation Targets Unhosted Wallets, Validators and Digital Asset ATMs -
On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the...more
8/11/2023
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
BSA/AML ,
Corporate Transparency Act ,
Cryptoassets ,
Cryptocurrency ,
Cyber Crimes ,
Digital Assets ,
Digital Wallets ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Money Services Business ,
Proposed Legislation ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
On February 27, 2023, the Financial Crimes Enforcement Network (FinCEN) in conjunction with the United States Postal Service (USPS) issued a press release and alert concerning the “national surge in check fraud schemes...more
On September 13, the United States Attorney’s Office for the Eastern District of New York announced that defendant Hanan Ofer pleaded guilty to “failing to maintain an effective anti-money laundering program.” Ofer and his...more
On February 8, 2022, the Department of Justice announced the seizure of a record $3.6 billion in stolen BTC it alleges was tied to the 2016 hack of Bitfinex, a virtual currency exchange. A husband-wife duo, Ilya “Dutch”...more
European Commission Proposes EU-Level Supervisory Authority and Cryptocurrency Travel Rule -
European Banking Authority Offers New Guidelines on AML Compliance Officers -
Just as the United States has expanded...more
Agenda Highlights Intersection of National Security, Corruption and Anti-Money Laundering -
On June 3, 2021, President Biden unveiled a National Security Study Memorandum entitled Memorandum on Establishing the Fight...more
As we have blogged, the Anti-Money Laundering Act of 2020 (“AMLA”) contains major changes to the Bank Secrecy Act (“BSA”), coupled with other changes relating to money laundering, anti-money laundering (“AML”),...more
On November 5, 2020, the Council of the European Union approved a new action plan to strengthen anti-money laundering and combatting terrorism financing across the EU. The Action Plan, “an Action Plan for a comprehensive...more
October is National Cybersecurity Awareness Month, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and Office of Foreign Assets Control (“OFAC”) kicked off the month by issuing two...more
10/8/2020
/ Bank Secrecy Act ,
BSA/AML ,
Cyber Crimes ,
Cybersecurity ,
Financial Institutions ,
FinCEN ,
International Emergency Economic Powers Act (IEEPA) ,
Office of Foreign Assets Control (OFAC) ,
Privacy Concerns ,
Ransomware ,
Suspicious Activity Reports (SARs)
New York State Encourages Banking for State-Licensed Medical Marijuana Businesses – Whereas a Maine Company Runs Into Trouble, Despite State Law Legalizing Medical Marijuana....more
8/16/2018
/ Anti-Money Laundering ,
BSA/AML ,
Cole Memorandum ,
Controlled Substances ,
Decriminalization of Marijuana ,
Dispensaries ,
Federal v State Law Application ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
Healthcare ,
Marijuana ,
Marijuana Related Businesses ,
Medical Marijuana ,
New Guidance ,
NYDFS ,
Regulatory Standards ,
Risk Management ,
State and Local Government
Late last week, the Financial Conduct Authority (“FCA”), the United Kingdom’s financial services regulator, imposed a $1.2 million (896,100 pound) fine on the UK division of India’s Canara Bank, an Indian state-owned bank,...more
As we blogged earlier this week, Congress is considering a new draft bill, the Counter Terrorism and Illicit Finance Act (“CTIFA”), in committee in the Senate. The CTIFA proposes the most substantial overhaul to the Bank...more
1/25/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
Financial Regulatory Reform ,
Information Sharing ,
Legislative Agendas ,
Money Laundering ,
Patriot Act ,
Proposed Legislation ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
PANA Issues Recommendations to European Parliament: Tougher Enforcement, Greater Transparency, Improved Information Sharing and Prohibitions Against Outsourcing of Customer Due Diligence....more
10/27/2017
/ Banking Sector ,
BSA/AML ,
Customer Due Diligence (CDD) ,
EU ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Offshore Funds ,
Panama Papers ,
Popular ,
Regulatory Oversight ,
Suspicious Activity Reports (SARs) ,
Tax Avoidance ,
Tax Evasion