On March 21, 2025, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) officially lifted sanctions on Tornado Cash, the decentralized cryptocurrency mixer it had blacklisted in August 2022....more
4/9/2025
/ Appeals ,
Biden Administration ,
Blacklist ,
Blockchain ,
Cryptocurrency ,
Delisting ,
Digital Assets ,
Economic Sanctions ,
Enforcement Actions ,
FinTech ,
Hackers ,
Judicial Review ,
Money Laundering ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Smart Contracts ,
Trump Administration
On July 25, 2024, the federal banking agencies issued a joint statement flagging potential risks in bank-fintech arrangements, along with a request for public information (RFI) on the benefits, risks, and risk management...more
7/31/2024
/ Banking Sector ,
Comment Period ,
Compliance ,
Federal Bank Regulatory Agencies ,
Financial Institutions ,
FinTech ,
Joint Statements ,
Public Comment ,
Request For Information ,
Risk Assessment ,
Risk Management
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced yesterday that they had reached settlements for over $24 million and $29 million,...more
10/14/2022
/ Bank Secrecy Act ,
BSA/AML ,
Compliance ,
Crypto Exchanges ,
Cryptocurrency ,
Economic Sanctions ,
Financial Institutions ,
FinCEN ,
Jurisdiction ,
Money Transmitter ,
Office of Foreign Assets Control (OFAC) ,
Prohibited Transactions ,
Reporting Requirements ,
Settlement ,
Suspicious Activity Reports (SARs) ,
Trading Platforms ,
U.S. Treasury ,
Willful Violations
As we pass the halfway mark of 2022, it's a good time to reflect on what has happened, or not happened, with respect to the legal framework for the provision of financial services to marijuana-related businesses...more
8/4/2022
/ Banking Sector ,
Best Practices ,
BSA/AML ,
Cole Memorandum ,
Compliance ,
Controlled Substances Act ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Marijuana ,
Marijuana Related Businesses ,
NCUA ,
Regulatory Agencies ,
Risk Management
The Consumer Finance Protection Bureau ("CFPB") announced that it will examine nonbank financial companies that pose risks to consumers, using statutory authority that until now had gone unused. Additional examinations would...more