News & Analysis as of

Bank Secrecy Act › Money Transmitter

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
Wilson Sonsini Goodrich & Rosati

Pending Changes to Anti-Money Laundering Program Requirements for MSBs and Other Financial Institutions

Wilson Sonsini Goodrich & Rosati on

Money services businesses (MSBs), a category which includes money transmitters (e.g., PayPal and other payment facilitators), as well as administrators and exchangers of convertible virtual currencies (e.g., Bitcoin...more

Ballard Spahr LLP

PA Department of Banking and Securities: Virtual Currency is “Money”

Ballard Spahr LLP on

On April 20, 2024, the Pennsylvania Department of Banking and Securities (“DoBS”) issued a policy statement (“Policy Statement”) to “clarify” that the Department’s interpretation of the term “money” in the Pennsylvania Money...more

Ballard Spahr LLP

KuCoin and Founders Charged with Operating Illegally as Money Transmitter and Futures Commission Merchant

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Last week, the United States Attorney’s Office for the Southern District of New York unsealed an indictment against global cryptocurrency exchange KuCoin and two of its founders, Chun Gan and Ke Tang, for allegedly conspiring...more

Orrick, Herrington & Sutcliffe LLP

U.S. Indicts KuCoin: What It Means for Cryptocurrency Companies Offering Money Transmission Services to U.S. Customers

Orrick, Herrington & Sutcliffe LLP on

In a display of the United States' jurisdictional reach, the Justice Department has indicted KuCoin, a prominent global cryptocurrency exchange, along with founders Chun Gan and Ke Tang, for Bank Secrecy Act (BSA) and...more

Goodwin

Navigating the Hazy Landscape: Challenges and Solutions in Cannabis Payment Processing

Goodwin on

The sale of adult-use cannabis has been legalized in 24 states in the United States. But this does not mean there are no other legal impediments to the cannabis industry in those jurisdictions. For example, cannabis...more

Ballard Spahr LLP

Criminal Case Round-Up: Recent Prosecutions Involving Financial Institution Officers

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The Department of Justice (“DOJ”) has been very active in the Bank Secrecy Act (“BSA”) / Anti-Money Laundering (“AML”) space, as reflected by a recent series of individual prosecutions and corporate non-prosecution agreements...more

ArentFox Schiff

Investigations Newsletter: Binance to Pay Historic $4 Billion Fine

ArentFox Schiff on

Binance to Pay Historic $4 Billion Fine - Binance Holdings Limited, the operator of the world’s largest cryptocurrency exchange, agreed to pay $4.3 billion to resolve allegations that it violated the Bank Secrecy Act (BSA)...more

King & Spalding

Cryptocurrency Exchange Binance and its Founder Plead Guilty to Money Laundering Charges

King & Spalding on

AML Developments - What You Need to Know - On November 21, 2023, the U.S. Justice Department unsealed charges against cryptocurrency exchange Binance and Binance CEO Changpeng Zhao for violating anti-money laundering...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - September 2023

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Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

BakerHostetler

US Crypto Exchange Consents to $100M DFS Settlement for AML Compliance Failures

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On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its...more

Venable LLP

Treasury Doubles Up Enforcement Efforts Against Noncompliant Crypto Platforms

Venable LLP on

​​​​​​​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

Ballard Spahr LLP

AML Compliance “Expert” Pleads Guilty to Failure to Maintain Effective AML Program for Over $1 Billion in High-Risk Transactions

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On September 13, the United States Attorney’s Office for the Eastern District of New York announced that defendant Hanan Ofer pleaded guilty to “failing to maintain an effective anti-money laundering program.” Ofer and his...more

BakerHostetler

Applying the Bank Secrecy Act, FinCEN Regulations, and Sanctions to the Nascent NFT Market

BakerHostetler on

Non-fungible tokens (NFTs) often involve two areas with known money laundering and terrorist financing risks: cryptocurrencies and high-value assets, like art. As detailed below, the U.S. Treasury Department’s Financial...more

Ballard Spahr LLP

Connecticut Department of Banking Issues Advisory on Money Transmission

Ballard Spahr LLP on

On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”). The Department believes the Advisory was necessary for two reasons. ...more

Ballard Spahr LLP

Connecticut Department of Banking issues consumer and industry advisory on money transmission

Ballard Spahr LLP on

On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”). The Department believes the Advisory was necessary for two reasons. ...more

Oberheiden P.C.

NFT Lawyer – 5 Things You Must Consider Before Hiring

Oberheiden P.C. on

NFTs, or non-fungible tokens, are digital assets that are sharply rising in popularity. Every day, individuals are launching new NFT projects with similar or new features compared to prior NFT projects. NFTs are attractive to...more

BakerHostetler

[Podcast] Blockchain University: Relationship Drama: Cryptocurrencies, Blockchain and the Law

BakerHostetler on

Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....more

Latham & Watkins LLP

Understanding NFTs and Their Legal Implications

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Latham & Watkins lawyers discuss the emerging technology of non-fungible tokens (NFTs), including how they function and their various legal implications in the US, UK, and APAC. Topics: • Understanding NFTs and their...more

McGlinchey Stafford

Scared Of Your Clients’ Involvement With Cryptocurrency?

McGlinchey Stafford on

Cryptocurrency, and its most-noted asset Bitcoin, has been breaking into the mainstream press. While most lawyers have heard terms like “blockchain” and probably even know a few people who have been deeply interested in the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Are Nonfungible Tokens Subject to US Anti-Money Laundering Requirements?

Skadden, Arps, Slate, Meagher & Flom LLP on

Rapidly growing interest in nonfungible tokens (NFTs) has been fueled by recent headlines of multimillion-dollar transactions, such as the $69 million sale of an NFT by digital artist Beeple — the third-highest price ever...more

Foodman CPAs & Advisors

¿Estarán las Instituciones Financieras Preparadas para la Propuesta de Reglamentación del “Travel Rule”?

Foodman CPAs & Advisors on

El “Travel Rule” es una regla de la Ley de Secreto Bancario (“BSA”) regla [31 CFR 103.33(g)] y requiere que todas las instituciones financieras transmitan cierta información a la siguiente institución financiera, en ciertas...more

Wilson Sonsini Goodrich & Rosati

MSB or Not MSB? That Is the Question (for Determining Applicability of Anti-Money Laundering Rules)

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Over the last 20 years, commerce, finance, and banking have become increasingly digital. Anti-money laundering (AML) regulators have found themselves catching up with the pace of technological innovation.1 As AML regulators...more

Akin Gump Strauss Hauer & Feld LLP

Corporate Transparency Act Establishes New Beneficial Ownership Reporting Requirements for U.S. and U.S.-Registered Foreign...

Akin Gump Strauss Hauer & Feld LLP on

Key Points - Enacted as part of the 2021 NDAA, the Act will require companies with no prior anti-money laundering reporting requirements to submit beneficial ownership information to FinCEN. - FinCEN must issue...more

Skadden, Arps, Slate, Meagher & Flom LLP

FinCEN and Federal Reserve Propose To Significantly Lower Threshold for International Funds Transfers Under Recordkeeping and...

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On October 27, 2020, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Board of Governors of the Federal Reserve System (Federal Reserve, together with FinCEN, “the Agencies”)...more

Morrison & Foerster LLP

FinCEN Seeks To Expand Scope Of Information Collection And Recordkeeping Requirements For Money Transmitters And Other Financial...

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A new proposed rulemaking (the “NPRM”) would lower the current $3,000 threshold for the applicability of the Bank Secrecy Act (“BSA”) Recordkeeping Rule and Travel Rule to $250 for covered funds transfers that begin or end...more

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