News & Analysis as of

Know Your Customers Virtual Currency BSA/AML

Skadden, Arps, Slate, Meagher & Flom LLP

NY Department of Financial Services Outlines How Blockchain Analytics Should Be Used for Compliance

On April 28, 2022, the New York State Department of Financial Services (DFS) issued guidance on the use of blockchain analytics for virtual currency businesses licensed under 23 NYCRR part 200 (also known as a BitLicense) or...more

Orrick, Herrington & Sutcliffe LLP

The CFTC Begins Policing AML Enforcement

Financial institutions with anti-money laundering responsibilities under the Bank Secrecy Act (BSA) take note: there’s a new sheriff in town.  The Commodity Futures Trading Commission recently finished its fiscal year with...more

Robinson+Cole Data Privacy + Security Insider

New FinCEN Cryptocurrency Guidance Clarifies Applicability of Anti-Money Laundering Regulations to Virtual Currency Business...

The Financial Crimes Enforcement Network (FinCEN) is the U.S. Treasury Department bureau charged with monitoring financial transactions in order to combat domestic and international money laundering, terrorist financing and...more

K2 Integrity

Virtual Currency Regulation: It’s Here. It’s There. It’s Everywhere.

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The European Union’s Fifth Anti-Money Laundering Directive recently became binding upon EU Member States. This latest directive must be enacted by member states by January 10, 2020. ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Notwithstanding Lloyd’s assurances that the rumors of his demise are premature, Goldman has cleared the path forward for David Solomon (aka, one of its current co-Presidents, aka, DJ D-Sol) to assume the CEO position when Mr....more

Ballard Spahr LLP

AML/BSA Focus by U.S. Senate Committee Testimony – From Beneficial Ownership to Cryptocurrency

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This week, the U.S. Senate Committee on the Judiciary and the U.S. Senate Committee on Banking, Housing and Urban Affairs held hearings focused in part on Anti-Money Laundering (“AML”) and the Bank Secrecy Act (“BSA”)....more

Ballard Spahr LLP

Beyond Best Practices: Regulatory Compliance Now a Necessity in the Cryptocurrency Sector

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As the value of bitcoin continues to soar (USD:BTC this past weekend exceeded $19,000.00:1), we thought that now would be a good time to emphasize the need to ensure regulatory compliance with the many federal and state AML...more

Ballard Spahr LLP

As Digital Currency Spreads, So Does its Global Regulation: India and Australia Enter the Fray

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As digital currency becomes more ubiquitous, state and federal regulators across the United States, as well as regulators in many other countries, are examining how existing regulatory structures need to be adapted to account...more

K2 Integrity

Are Banks Ready for a KYC Revolution?

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Many of the world’s largest financial institutions have invested in distributed ledger technology—known popularly as blockchain technology—to improve their business operations. An area where this disruptive innovation holds...more

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