FDIC Issues Operational Resilience Paper -
In a new paper (here and here) the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the Board of Governors of the Federal Reserve...more
US Developments -
OCC Issues Interpretation that Banks Can Offer Crypto Custody Services -
On July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter clarifying that national banks...more
7/29/2020
/ Blockchain ,
Certifications ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
FATF ,
FDIC ,
Financial Services Industry ,
OCC ,
Popular ,
Request For Information ,
Travel Rule ,
UK
COVID-19’s effect on the economy does not discriminate. Business activity has slowed down significantly for many companies, and even more drastically in certain sectors. Some of the industries that have been hit the hardest...more
5/31/2020
/ Brick-and-Mortar Stores ,
Coronavirus/COVID-19 ,
Credit Cards ,
E-Commerce ,
Entertainment Industry ,
Financial Services Industry ,
Hospitality Industry ,
Merchants ,
Movie Theaters ,
Required Documentation ,
Reserve ,
Retailers ,
Travel
U.S. Developments -
Money Laundering in Bitcoin . . . is Still Money Laundering -
On April 17, 2020, the U.S. Court of Appeals for the Ninth Circuit, affirmed a conviction on five counts of money laundering where the...more
U.S. Developments -
Enforcement and Litigation Developments -
Craig Wright Faces Sanctions -
Craig Wright, the self-proclaimed inventor of Bitcoin, has been tied up in litigation since February 2018 related to his...more
9/10/2019
/ Anti-Money Laundering ,
Bitcoin ,
Chase Bank ,
China ,
Class Action ,
Contract Terms ,
Criminal Prosecution ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Discovery ,
Drug Trafficking ,
European Central Bank ,
FATF ,
Felonies ,
Financial Industry Regulatory Authority (FINRA) ,
Guilty Pleas ,
Motion to Compel ,
Partnerships ,
Popular ,
Sanctions ,
Truth in Lending Act (TILA) ,
Value-Added Tax (VAT)
U.S. Developments -
Regulatory Updates -
SEC Suspends Trading for Crypto Exchange and Mining Company -
On April 29, 2019, the U.S. Securities and Exchange Commission (“SEC”) announced that it was suspending trading for...more
5/9/2019
/ Blockchain ,
CFTC ,
Criminal Prosecution ,
Cross-Border Transactions ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Initial Coin Offering (ICOs) ,
NY Supreme Court ,
Popular ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
Cboe Withdraws and Then Submits a Proposed Rulemaking for a Bitcoin ETF -
On January 22, 2019, Cboe BZX Exchange (Cboe) withdrew its proposed rulemaking with the U.S. Securities and Exchange Commission (SEC). Had the...more
2/5/2019
/ Anti-Money Laundering ,
Blockchain ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
Examination Priorities ,
Financial Industry Regulatory Authority (FINRA) ,
Italy ,
MiFID II ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
UK ,
Uniform Commercial Code (UCC) ,
Virtual Currency
On November 28, 2018, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC), announced an action against two Iranian citizens, Ali Khorashadizadeh and Mohammad Ghorbaniyan, who facilitated the exchange of...more
FATF Issues Virtual Currency Guidance -
On October 19, the Financial Action Task Force (“FATF”) published the outcomes of its Plenary meeting. Included in the outcomes of the meeting were new recommendations related to the...more
11/2/2018
/ American Arbitration Association ,
AML/CFT ,
Anti-Money Laundering ,
Blockchain ,
China ,
Coinbase ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
FATF ,
FCC ,
Japan ,
Market Manipulation ,
NYDFS ,
Popular ,
Securities and Exchange Commission (SEC) ,
South Korea ,
Virtual Currency
On October 3, 2018, a group of federal bank regulators and FinCEN announced in a joint statement that banks and credit unions could collaborate and share resources to manage their Bank Secrecy Act (“BSA”) and anti-money...more