With significant government intervention comes significant government oversight. That is the message coming from Capitol Hill and the Executive Branch concerning the Payroll Protection Program (PPP), a Small Business...more
4/25/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Fraud ,
Paycheck Protection Program (PPP) ,
Regulatory Oversight ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
The New York Department of Financial Services has announced the creation of a new “powerhouse” Consumer Protection and Financial Enforcement Division. ...more
The ongoing debate on whether virtual currencies with certain characteristics should be classified as commodities subject to regulation and enforcement by the Commodities Futures Trading Commission (CFTC) is the focal point...more
10/1/2018
/ Bitcoin ,
CFTC ,
Commodities ,
Cryptocurrency ,
Digital Currency ,
Financial Instruments ,
Financial Transactions ,
Investment Products ,
Regulatory Oversight ,
Subject Matter Jurisdiction ,
Virtual Currency
New York Governor Andrew Cuomo on August 23, 2018, released for public comment a series of electronic draft materials and guidance as a follow-up to the State's sexual harassment law passed in April 2018. The public comment...more
8/28/2018
/ #MeToo ,
Anti-Harassment Policies ,
Complaint Procedures ,
Corporate Culture ,
Employee Training ,
Employer Liability Issues ,
Employment Policies ,
Harassment ,
Hostile Environment ,
Internal Investigations ,
Internal Reporting ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Sex Discrimination ,
Sexual Harassment ,
State and Local Government ,
State Labor Laws
Address Emphasizes Role of SARs in Fighting Illegal Activity, Including Drug Dealing Fueling the Opioid Crisis -
Kenneth Blanco, the Director of the Financial Crimes Enforcement Network (“FinCEN”), discussed last week...more
8/13/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Filing Requirements ,
Financial Crimes ,
FinCEN ,
Illegal Drugs ,
Information Sharing ,
Initial Coin Offering (ICOs) ,
Money Services Business ,
Opioid ,
Regulatory Oversight ,
Regulatory Standards ,
Suspicious Activity Reports (SARs) ,
Virtual Currency
The U.S. Department of Justice (DOJ) earlier this week announced that it was disbanding the Financial Fraud Enforcement Task Force, established under the Obama Administration. ...more
7/16/2018
/ Consumer Financial Products ,
Consumer Fraud ,
Department of Justice (DOJ) ,
Digital Currency ,
Elder Abuse ,
Executive Orders ,
Exploitation ,
Federal Agency Taskforce ,
Financial Crimes ,
Financial Services Industry ,
Investment Products ,
Money Laundering ,
Regulatory Oversight ,
Tribal Governments
As we previously have blogged, the Financial Crimes Enforcement Network (“FinCEN”) became one of the first regulators to wade into the regulation of cryptocurrency when it released interpretive guidance in March 2013 stating...more
3/9/2018
/ AML/CFT ,
Bitcoin ,
Blockchain ,
Broker-Dealer ,
CFTC ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Instruments ,
Financial Markets ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Interpretive Rule ,
Money Services Business ,
Money Transmitter ,
Mutual Funds ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
A federal court this week found that the U.S. Commodity Futures Trading Commission (CFTC) had jurisdiction to regulate a cryptocurrency business, raising the possibility of jurisdictional tension among the CFTC and other...more
3/9/2018
/ Bitcoin ,
Blockchain ,
CFTC ,
Commodities ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Instruments ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Jurisdiction ,
Regulatory Oversight ,
Token Sales ,
Virtual Currency
On February 23, the Financial Action Task Force (“FATF”) signaled that the inter-governmental body “will step up its efforts in monitoring the use of cryptocurrencies in money laundering.” ...more
3/2/2018
/ Anti-Money Laundering ,
Banking Sector ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
FATF ,
G20 ,
Initial Coin Offering (ICOs) ,
Money Laundering ,
Regulatory Oversight ,
Risk Management ,
Token Sales ,
Virtual Currency
The following joint statement was issued this last week from the Enforcement Directors of the Securities Exchange Commission and Commodity Futures Trading Commission...more
1/22/2018
/ Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Investment ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Virtual Currency
A new proposed law to create a statutory framework for regulating persons engaging in virtual-currency business activity, the Uniform Regulation of Virtual-Currency Businesses Act (URVCBA), has been approved by the Uniform...more