News & Analysis as of September 22, 2024

FinCEN › Currency Exchange

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

OFAC Imposes New Sanctions to Thwart Ransomware

WilmerHale on 9/24/2021

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

Cryptocurrency and OFAC: Beware of the Sanctions Risks

Orrick - On the Chain on 1/24/2020

A recent federal criminal action shows the depth of the U.S. government’s concern about the use of cryptocurrency (or virtual currency) to violate economic sanctions laws and the lengths to which it will go to charge such...more

FinCEN Announces Civil Monetary Penalty for Virtual Currency Exchanger

Burr & Forman on 4/23/2019

On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) announced its first enforcement action against a peer-to-peer virtual currency exchanger....more

FinCEN Director’s Speech Underscores the Need for Virtual Currency Businesses to Comply with the Bank Secrecy Act

Blank Rome LLP on 8/30/2018

Individuals and businesses that accept and transmit virtual currency must register with the Financial Crimes Enforcement Network (“FinCEN”) as a money service business (“MSB”). Registrants must develop and maintain an...more

FinTech Flash: So You Want to Put a Bitcoin ATM in a Coffee Shop?

Goodwin on 3/28/2018

This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM). Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?”...more

Digital Currencies: FinCEN Shuts Down Foreign Exchange for Anti-Money Laundering Violations – Another Mt. Gox?

Locke Lord LLP on 8/15/2017

On July 27, 2017, the Financial Crimes Enforcement Network for the Department of Treasury (FinCEN) seized the website of the digital currency exchange BTC-e for allegedly operating a multi-billion dollar money laundering...more

FinCEN Action Demonstrates the Agency’s Ability to Use Anti-Money Laundering Laws Against Non-U.S. Entities

Akin Gump Strauss Hauer & Feld LLP on 8/3/2017

On Wednesday, July 27, 2017, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a $110 million fine levied against BTC-e, a digital currency exchange, for BTC-e’s alleged refusal to abide by...more

Failure to Register with FINCEN Sustains Guilty Pleas by Virtual Currency Exchangers

Ballard Spahr LLP on 4/25/2017

It is a potential crime to conduct a business that exchanges virtual currency and fail to register with the Financial Crimes Enforcement Network (“FinCEN“), even if the State in which one operates does not impose a similar...more

FinCEN Renews and Broadens GTOs on Border Cash Shipments in California and Texas

Blank Rome LLP on 8/11/2015

Continuing its aggressive use of Geographic Targeting Orders (GTOs) to fight money laundering, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced on July 7 that it was renewing a GTO in Southern...more

Red Notice Newsletter - May 2015

Akin Gump Strauss Hauer & Feld LLP on 6/1/2015

Welcome to the May 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, a German engineering firm tests Brazil's recently implemented anticorruption...more

FinCEN Issues Advisory on Increased Use of Funnel Accounts by Criminals as Part of Mexican Trade-Based Money Laundering...

Goodwin on 6/5/2014

FinCEN issued an advisory (the “Advisory”) to update financial institutions on the increased use of “funnel accounts” as part of trade-based money laundering (“TBML”) by criminals in the aftermath of the 2010 through 2012...more

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FinCEN › Currency Exchange

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