On Sept. 18, the New York State Department of Financial Services issued proposed guidance for companies holding virtual currency business licenses and limited-purpose trust companies — collectively referred to as virtual...more
On September 18, the New York State Department of Financial Services (the DFS or the “Department”) issued proposed guidance for BitLicensees and limited-purpose trust companies (collectively, VCEs) seeking to list virtual...more
On January 23, the New York State Department of Financial Services (DFS or the Department) issued guidance clarifying its expectations for New York-based virtual currency businesses regarding the custody of customer assets...more
Cryptocurrency continues to dominate the headlines, from starting the year at a high with major TV ads to questions in recent weeks about the stability of the market. In this episode of In the Public Interest, co-host and...more
On September 21, 2021, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) levied its first sanctions against a Russian-operated virtual currency exchange involved in ransomware payments and published an...more
9/24/2021
/ Advisory Opinions ,
AML/CFT ,
Anti-Money Laundering ,
Compliance ,
Cryptocurrency ,
Currency Exchange ,
Cybersecurity Information Sharing Act (CISA) ,
Economic Sanctions ,
FinCEN ,
Know Your Customers ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Russia ,
SDN List ,
U.S. Treasury ,
Virtual Currency
The Financial Crimes Enforcement Network (“FinCEN”) has continued a spate of regulatory activity related to financial crimes compliance matters in the first year of the Biden Administration, recapped in its recent report...more
7/15/2021
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Biden Administration ,
Compliance ,
Cybersecurity ,
Drug Trafficking ,
Enforcement Priorities ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Human Trafficking ,
No-Action Letters ,
Nonbank Firms ,
Ransomware ,
Significant Transnational Criminal Organization ,
Terrorism Funding ,
Virtual Currency
Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions matters continue to be a core focus of regulators, law enforcement agencies, policymakers and Congress, and the story of the Obama and Trump Administrations on...more
7/29/2019
/ Anti-Money Laundering ,
BSA/AML ,
Cuba ,
Customer Due Diligence (CDD) ,
Drug Trafficking ,
Economic Sanctions ,
Enforcement Actions ,
FinCEN ,
Human Trafficking ,
Iran ,
Magnitsky Act ,
Nicaragua ,
North Korea ,
Russia ,
Sudan ,
Trump Administration ,
Venezuela ,
Virtual Currency