News & Analysis as of

Money Laundering FinTech

Ballard Spahr LLP

Recent FDIC Consent Orders Reflect Ongoing Scrutiny of Bank Relationships with Fintechs

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In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness concerns relating...more

Polsinelli

Blockchain+ Bi-Weekly - February 2024 #2

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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

Troutman Pepper

The Cryptocurrency Conundrum: Balancing Innovation with Terrorism Financing Risks

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Cryptocurrency, with its anonymity and decentralization, has revolutionized financial transactions. However, it has also opened doors for illicit activities, such as terrorist financing. Below we explore the role of...more

A&O Shearman

UK Joint Money Laundering Steering Group Publishes Guidance on Travel Rule for Cryptoasset Exchange Providers and Custodian Wallet...

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The Joint Money Laundering Steering Group has published revisions to its Sector 22 Guidance on Cryptoasset exchange providers and custodian wallet providers along with a new Annex I, setting out guidance on the U.K. Travel...more

Davis Wright Tremaine LLP

The Digital Pound: "More Likely Than Not"

On February 7, 2023, the Bank of England (BoE) released two documents concerning a central bank digital currency (CBDC), a prospective government-backed digital form of U.K. currency also known as the "digital pound." ...more

American Conference Institute (ACI)

[Event] 7th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems - April 18th - 19th, New York, NY

Join American Conference Institute at the 7th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems on April 18-19, 2023, in New York! Gain key insights into the hurdles arising amid...more

BakerHostetler

Top NFT-Related Cybersecurity, Phishing, Hacking and Other Risks in 2022

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The continued growth of the market for nonfungible tokens (NFTs) in 2022 has helped shape the zeitgeist of what has been referenced colloquially by some as the “fourth industrial revolution,” defined largely by network effect...more

BakerHostetler

New Crypto Services Launch for Banks, Fintechs and Staking; DOJ Targets Major Cryptocurrency Money-Laundering Scheme; Japan Warns...

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Crypto Developments Emerge in Payments, Trading, Staking and Accounting This week, a global financial services and payment technology firm announced that it has partnered with a major U.S. cryptocurrency custody and...more

McDermott Will & Emery

[Virtual Event] NFTs and Web3: Compliance and Cybersecurity | Women in FinTech Networking Series - June 28th, 11:00 am - 12:00 pm...

To find community, resources and support to help accelerate your career and fuel your success, we invite you to join us for our Women in FinTech Networking Series, bringing together senior women across the FinTech industry....more

Nelson Mullins Riley & Scarborough LLP

The DOJ Throws Cold Water on the Frosties NFT Founders

The U.S. Attorney’s Office for the Southern District of New York recently charged two individuals for allegedly participating in a scheme to defraud purchasers of “Frosties” non-fungible tokens (or “NFTs”) out of over $1...more

White & Case LLP

Mexico: New defense procedure against inclusion in Blocked Persons List

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On March 11, 2022, a reform to the Mexican Banking Law (Ley de Instituciones de Crédito) was published in the Federal Official Gazette (Diario Oficial de la Federación) in order to provide a new procedure for the defense of...more

Manatt, Phelps & Phillips, LLP

Focus on Crypto and Blockchain: Regulatory Fog Begins to Lift, but Many Questions Remain

The cryptocurrency and blockchain industry has developed over the past decade with a large and increasingly glaring void: What regulations ultimately will apply and who will regulate the space? Much regulatory focus to date...more

BakerHostetler

U.S. Bank Acquires Blockchain Infrastructure; SEC Approves Blockchain-Based Exchange; FTC Warns on Crypto Scams; NFT Threats,...

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U.S. Bank Seeks to Launch Stablecoin; New Crypto Payments Data Released - A well-known digital payments consortium sold its technology platform this week to a U.S.-based bank known for its cryptocurrency-related offerings....more

K&L Gates LLP

HUB Talks: Fintech Forward: The Intersection of Cryptocurrencies and NFTs

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In this episode, Jeremy McLaughlin and Justin Wales discuss the state of the cryptocurrency industry, the allure of NFTs, the potential impact of industry regulation, concerns about money laundering, and more....more

Sheppard Mullin Richter & Hampton LLP

The Department of Justice Sets Cryptocurrency Squarely in its Sights

The Department of Justice is aggressively scrutinizing participants in the cryptocurrency markets—including “financial institutions working with cryptocurrency”—to thwart the use of the technology as a vehicle for money...more

A&O Shearman

Key Regulatory Topics: Weekly Update 9 - 15 July 2021

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This week, among other highlights, Committee on Payments and Market Infrastructures, BIS Innovation Hub, International Monetary Fund and the World Bank issued a joint report for the G20 on the use of Central Bank Digital...more

Miller Canfield

SEC Annual Examination Priorities for RIAs

Miller Canfield on

Last month, the SEC Division of Examinations (the "Division"; formerly the "Office of Compliance Inspections and Examinations") released its annual Examination Priorities for 2021. RIAs and their Chief Compliance Officers are...more

ArentFox Schiff

Investigations Newsletter: Judge Rules Against Seizure of $330 Million Allegedly Connected to 1MDB Fraud Scheme

ArentFox Schiff on

Judge Rules Against Seizure of $330 Million Allegedly Connected to 1MDB Fraud Scheme - On March 9, California District Court Judge Dale S. Fischer ruled that the government could not seize about $330 million in assets...more

A&O Shearman

Key Regulatory Topics: Weekly Update 26 Feb - 4 Mar 2021

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Brexit - FCA provides information on the Temporary Permissions Regime (TPR) On 3 March, the FCA published new webpages providing information on the TPR. Firstly, the FCA published a webpage on how it will supervise firms...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights - Issue 8, October 2020

Attorney General William P. Barr Announces Publication of Cryptocurrency Enforcement Framework - "The Framework provides a comprehensive overview of the emerging threats and enforcement challenges associated with the...more

Hogan Lovells

Financial institutions general regulatory news, September 2020 # 3

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The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 - The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (SI 2020/991) have been published, together with an...more

Polsinelli

Securing the Weakest Link U.S. Government’s Cryptocurrency Tracing Capacity on Full Display in Civil Forfeiture Action

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The U.S. Department of Justice (“DOJ”) filed a civil forfeiture complaint detailing two hacks of virtual currency exchanges by North Korean actors.  These actors stole millions of dollars’ worth of cryptocurrency or other...more

Polsinelli

You Can Run But You Can’t Hide: U.S. Government’s Cryptocurrency Tracing Capacity on Full Display in Civil Forfeiture Action

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The U.S. Department of Justice (“DOJ”) filed a civil forfeiture complaint detailing two hacks of virtual currency exchanges by North Korean actors. These actors stole millions of dollars’ worth of cryptocurrency and...more

A&O Shearman

Financial Action Task Force Publishes 12-Month Review on Revised FATF Standards for Virtual Assets

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The FATF has published the results of its 12-month review into the revised FATF standards published in June 2019, designed to help tackle money laundering and terrorist financing risks connected with virtual assets and...more

Ballard Spahr LLP

Wirecard: A Scandal

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“Germany’s Enron” Continues to Stagger Forward - It’s time to talk about Wirecard AG. In many respects, it’s yet another accounting fraud scandal – albeit a massive one. But now, inevitably, it also has become a money...more

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