In a significant move, on June 27, 2025 the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order granting banks and their subsidiaries an exemption from the Customer Identification...more
7/10/2025
/ Banks ,
Customer Identification Program (CIP) ,
Data Collection ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Patriot Act ,
Popular ,
Regulatory Reform ,
Regulatory Requirements ,
Taxpayer Identification Number ,
Third-Party ,
U.S. Treasury
The U.S. Drug Enforcement Agency’s proposal to reschedule cannabis from a Schedule I to a Schedule III drug under the Controlled Substances Act (CSA) has generated considerable buzz across business sectors, including for the...more
8/28/2024
/ Agribusiness ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
Controlled Substances Act ,
Credit Unions ,
DEA ,
Decriminalization of Marijuana ,
Financial Institutions ,
FinCEN ,
Marijuana Related Businesses ,
Popular
The Department of Justice’s move to reclassify marijuana as a less dangerous drug, on which it began formal proceedings on May 16, won’t legalize state-level adult use and medical marijuana unless it’s produced, sold, and...more
5/29/2024
/ Agribusiness ,
Bank Service Providers ,
Controlled Substances Act ,
Decriminalization of Marijuana ,
Department of Justice (DOJ) ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Marijuana ,
Marijuana Related Businesses ,
Racketeering
On May 16, 2024, the U.S. Drug Enforcement Administration (DEA) released the proposed rule (Proposed Rule) to reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA). The Office of Legal...more
5/20/2024
/ Anti-Money Laundering ,
Comment Period ,
Controlled Substances Act ,
DEA ,
Department of Justice (DOJ) ,
FinCEN ,
Food and Drug Administration (FDA) ,
Marijuana ,
Marijuana Related Businesses ,
Office of Legal Counsel (OLC) ,
Popular ,
Proposed Rules ,
Schedule I Drugs ,
THC
On March 29, 2024, the Financial Crimes and Enforcement Network (FinCEN) in collaboration with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union...more
The next item in McGlinchey's Deep Dive into Payments Series is a podcast on money transmission by attorneys Jeff Barringer, Amy Greenwood-Field, and Aaron Kouhoupt. Their discussion centers around the impacts of money...more
8/28/2023
/ Cryptocurrency ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Licensing Rules ,
Money Services Business ,
Money Transmission Act ,
Money Transmitter ,
Payment Processors ,
The Model Law ,
Third-Party
The next item in McGlinchey’s Deep Dive into Payments Series is on money transmission by attorneys Jeff Barringer, Amy Greenwood-Field, and Aaron Kouhoupt. Their discussion centers around the impacts of money transmission...more
8/28/2023
/ Cryptocurrency ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Licensing Rules ,
Money Services Business ,
Money Transmission Act ,
Money Transmitter ,
Payment Processors ,
The Model Law ,
Third-Party
On October 11, 2022, the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) acted in parallel to issue the first joint action in the cryptocurrency market against Bittrex. Bittrex...more