News & Analysis as of September 19, 2024

FinCEN › Proposed Legislation

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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 -

Beneficial Ownership Reporting May Soon Be Coming To California With A Brobdingnagian Price Tag!

Allen Matkins on 6/5/2024

Beginning January 1, 2024, many companies became subject to the beneficial ownership reporting requirements of the Corporate Transparency Act. The Financial Crimes Enforcement Network (FinCEN) estimated that the total costs...more

CTA Heats Up with New FAQs, Government and Amicus Briefs and New Draft Legislation

Holland & Knight LLP on 4/30/2024

The Corporate Transparency Act (CTA) is the gift that keeps giving. As affected entities and their advisers struggle to determine whether they are subject to the beneficial ownership information (BOI) reporting provisions of...more

MHH Condo/Co-op Digest, Vol. V - March 2024

Moritt Hock & Hamroff LLP on 3/8/2024

This newsletter explores the emerging legal topics and issues affecting the condominium and cooperative services industry. Thought-leading attorneys from Moritt Hock & Hamroff’s Condominium and Cooperative Services Practice...more

FinCEN Proposes New Rule to Subject Advisers to AML Requirements

Seward & Kissel LLP on 3/4/2024

Who may be interested: Investment Advisers; Closed-End Funds; and Directors of Closed-End Funds - Quick Take: The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a notice of...more

FinCEN Expands CTA FAQs

Ballard Spahr LLP on 11/17/2023

On November 16, the Financial Crimes Enforcement Network (“FinCEN”) issued – again –expanded FAQs pertaining to beneficial ownership information (“BOI”) reportable under the Corporate Transparency Act (“CTA”). These expanded...more

Bipartisan group of Senators re-introduce Digital Asset Money Laundering Act

Ballard Spahr LLP on 8/14/2023

On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the Digital Asset Anti-Money Laundering Act (the “Act”), legislation aimed at closing...more

Bipartisan Group of Senators Re-Introduce the Digital Asset Money Laundering Act

Ballard Spahr LLP on 8/11/2023

Legislation Targets Unhosted Wallets, Validators and Digital Asset ATMs - On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the...more

U.S. Senate and House of Representatives Introduce Competing Crypto Regulation Bills

Proskauer - Blockchain and the Law on 8/8/2023

On July 12, 2023, U.S. Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-N.Y.) proposed a revised version of their previously introduced crypto regulation bill to create better safeguards for the crypto industry...more

Take Two: The Lummis-Gillibrand Crypto Assets Bill 2.0

Cadwalader, Wickersham & Taft LLP on 8/2/2023

On July 12, Senator Kirsten Gillibrand, a Democratic senator from New York who sits on the Senate Banking Committee, and Senator Cynthia Lummis, a Republican senator from Wyoming who sits on the Agriculture Committee, joined...more

Blockchain+ Bi-Weekly - July 2023

Polsinelli on 7/28/2023

The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Blockchain Regulatory Certainty Act Would Protect Non-Custodial Crypto Services

Latham & Watkins LLP on 3/31/2023

The bipartisan bill would provide a federal safe harbor for non-custodial blockchain service providers from state money transmission and digital asset licensing laws. On March 23, 2023, US House of Representatives...more

Regulators Sharpen Focus on Anti-Money Laundering Expectations for Crypto Industry

Cadwalader, Wickersham & Taft LLP on 1/20/2023

U.S. regulators are signaling heightened expectations for anti-money laundering compliance within the crypto industry. Although FinCEN issued guidance in 2013 interpreting virtual currency “administrators” and “exchanges” as...more

New Bipartisan Bill Takes Aim at Digital Asset Money Laundering and Terrorism Finance

Cadwalader, Wickersham & Taft LLP on 12/20/2022

On December 14, Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced in the U.S. Senate a new bipartisan bill, titled "Digital Asset Anti-Money Laundering Act of 2022" (the “Bill”), intended to curb the...more

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets - Banking and Payment Stablecoins

Latham & Watkins LLP on 7/8/2022

The RFIA could make it easier for fintechs dealing in digital assets and stablecoins to access Federal Reserve bank services. Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was...more

Ransomware Legislation: A Window Into Tomorrow’s Compliance Obligations

Esquire Deposition Solutions, LLC on 2/15/2022

A few weeks ago we wrote about the threat that increasingly sophisticated ransomware criminals posed to law firms, and we suggested several measures that law firm leaders might take to minimize the likelihood that they — and...more

Crypto Regulation by any Other Name

BCLP on 2/4/2022

2022 was billed as the year regulation will descend on the cryptocurrency (“crypto”) and decentralized finance (“DeFi”) spaces. While it seems regulation may indeed be coming, it initially appears to be buried in lengthy...more

SAFE Has Been Re-introduced with Bipartisan Support

Foley Hoag LLP - Cannabis and the Law on 3/31/2021

The SAFE Banking Act is back. First introduced in 2019, the Secure and Fair Enforcement Act (“SAFE”) passed in the House but died in the Republican-controlled Senate. Now, the bill has been reintroduced in both the House and...more

SAFE Banking Act, Protecting Financial Partners of Cannabis Businesses, Likely to Become Law

Harris Beach PLLC on 3/26/2021

A bill to protect financial institutions that offer services to state-legal marijuana-related businesses was recently reintroduced by a bipartisan group of over 100 members of the House. The Secure and Fair Enforcement (SAFE)...more

Identify and Report “Control” Investors: The Corporate Transparency Act of 2020

Sullivan & Worcester on 1/15/2021

We write to advise you of important legislation just enacted in the United States and proposed legislation in the United Kingdom. The National Defense Authorization Act for Fiscal Year 2021 (NDAA) was recently passed by...more

Credit Unions Ask Senate Banking Committee to Make Cannabis Banking Safe

Carlton Fields on 2/14/2020

In the latest chapter of the ongoing saga of the U.S. Senate’s consideration and hopeful passage of the Secure and Fair Enforcement (SAFE) Banking Act, on February 7, 2020, the Credit Union National Association (CUNA) sent a...more

Financial Daily Dose 12.12.2019 | Top Story: Fed Holds Rates Steady And Looks to Stay There

Robins Kaplan LLP on 12/12/2019

As expected, the Fed kept interest rates unchanged on Wednesday while also signaling that “they would wait to see how the economy fared before making another move”....more

Shell Company Update: Congress and FATF Target Beneficial Ownership

Ballard Spahr LLP on 11/4/2019

U.S. House Passes Corporate Transparency Act; FATF Issues Guidance on Identifying Entities’ Beneficial Owners - First Post in a Two-Post Series on Beneficial Ownership - As we often blog, the issue of the beneficial...more

The House Passes Cannabis Banking Legislation: Implications for the Financial Services Industry

White & Case LLP on 10/9/2019

On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more

U.S. Senate Considering Update to Federal Anti-Money Laundering System

Foley Hoag LLP - White Collar Law &... on 9/30/2019

A bipartisan group of Senators, with the support of the American Bankers Association, recently introduced bill S.2563, known as the ILLICIT Cash Act. The acronym “ILLICIT” stands for “Improving Laundering Laws and Increasing...more

Nutter Bank Report: July 2019

Nutter McClennen & Fish LLP on 7/29/2019

Federal Banking Agencies Issue Final Rule to Simplify Regulatory Capital Calculations - The federal banking agencies have issued a final rule that simplifies several requirements in the agencies' regulatory capital rules...more

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FinCEN › Proposed Legislation

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