With the ever-increasing use of sanctions as a foreign policy tool (or weapon), sanctions compliance has taken on greater importance than ever. Moreover, as countries increase extraterritorial applications of their sanctions,...more
The US Treasury’s Financial Crimes Enforcement Network (FinCEN) recently proposed a new rule (the Proposed Rule) regarding beneficial ownership information access and safeguards pursuant to the Corporate Transparency Act....more
Recently proposed regulations could present significant compliance burdens for the banks and money service businesses that engage in cryptocurrency transactions with unhosted wallets or wallets held in jurisdictions specified...more
1/20/2021
/ Anti-Money Laundering ,
BSA/AML ,
Cryptocurrency ,
Financial Crimes ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
FinTech ,
Money Services Business ,
Peer-to-Peer ,
Popular ,
Regulatory Agenda ,
Virtual Currency
The Agencies issued a joint Fact Sheet that lists considerations for a risk-based approach when it comes to charities and nonprofits. While the Fact Sheet purports to not impose additional obligations on banks, it is hard to...more
11/23/2020
/ Anti-Money Laundering ,
BSA/AML ,
Charitable Organizations ,
Customer Due Diligence (CDD) ,
FDIC ,
Federal Reserve ,
FinCEN ,
NCUA ,
OCC ,
Patriot Act ,
Regulatory Requirements ,
Risk-Based Approaches