• Highlights of recent joint agency guidance on Third-Party Risk Management (3PRM)
• How 3PRM considerations have increased in importance in BSA/AML compliance programs and enforcement actions
• Lessons learned from...more
1/12/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Chief Compliance Officers ,
Compliance ,
Compliance Monitoring ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Money Services Business ,
Payment Processors ,
Payment Systems ,
Risk Management ,
Risk Mitigation ,
Third-Party Risk ,
Webinars
New York’s Department of Financial Services (“DFS”) recently announced a $100 million settlement with Coinbase, Inc., one of the world’s largest cryptocurrency exchanges, for Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”)...more
1/10/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Coinbase ,
Compliance ,
Crypto Exchanges ,
Cryptocurrency ,
Cybersecurity ,
Data Breach ,
Digital Assets ,
Due Diligence ,
Financial Institutions ,
New York ,
NYDFS ,
Reporting Requirements ,
Settlement ,
Suspicious Activity Reports (SARs) ,
Transaction Monitoring
The U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) and Office of Foreign Assets Control (“OFAC”) settled enforcement actions with Washington state-based Bittrex. In the two settlements, Bittrex...more
Recent enforcement actions against banks indicate a new regulator emphasis on digital assets and Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance. Last year, Anchorage Digital Bank (Anchorage)—formerly Anchorage...more
6/20/2022
/ Anti-Discrimination Policies ,
Bank Secrecy Act ,
Blockchain ,
Cease and Desist Orders ,
Compliance ,
Digital Assets ,
Due Diligence ,
Enforcement Actions ,
FDIC ,
FinCEN ,
OCC ,
USAA
With the imposition of sweeping new sanctions on Russia and Belarus following the invasion of Ukraine, federal financial regulators are issuing warnings about efforts to evade these actions. On Monday, March 7, 2022, the...more
3/15/2022
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Belarus ,
Economic Sanctions ,
FDIC ,
Financial Institutions ,
Financial Regulatory Agencies ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Patriot Act ,
Russia ,
SDN List ,
Suspicious Activity Reports (SARs) ,
Ukraine ,
Virtual Currency