• 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
This summer was a busy one for cryptocurrency regulators, with aggressive actions potentially signaling an increase in consumer protection compliance activity.
In August alone, the New York Department of Financial Services...more
10/4/2022
/ Coinbase ,
Compliance ,
Criminal Prosecution ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Institutions ,
Fines ,
Fraud ,
Howey ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Ponzi Scheme ,
Popular ,
Pyramid Schemes ,
Securities and Exchange Commission (SEC) ,
Settlement
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