The Consumer Financial Protection Bureau (CFPB) recently issued Circular 2024-05 (Circular). The CFPB considered whether financial institutions could violate the law by charging fees for providing overdraft services without...more
• 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
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