On August 5, the FDIC announced that banks it supervises can comply with Bank Secrecy Act (BSA) requirements to obtain identity information from new customers by using a pre-populated form, provided that the person opening...more
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule to counter money laundering and the financing of terrorism that would add significant compliance requirements for financial...more
The Financial Crimes Enforcement Network (“FinCEN”) published a notice of proposed rulemaking (the “Proposed Rule”) in late January seeking public comment on a proposed pilot program that would expand financial institutions’...more
Two recent guilty pleas involving a cryptocurrency exchange serve as a reminder to all money services businesses (“MSBs”)—including those ostensibly located outside the United States but that conduct business there—of the...more
3/4/2022
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BitMEX ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Department of Justice (DOJ) ,
FinCEN ,
Guilty Pleas ,
Know Your Customers ,
Money Services Business ,
Office of Foreign Assets Control (OFAC)
Two recent guilty pleas involving a cryptocurrency exchange serve as a reminder to all money services businesses (“MSBs”)—including those ostensibly located outside the United States but that conduct business there—of the...more
The Financial Crimes Enforcement Network (FinCEN) and the Commodity Futures Trading Commission (CFTC) reached one of the largest-ever resolutions with a cryptocurrency exchange on August 10, 2021. BitMEX is virtual currency...more
8/20/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BitMEX ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Institutions ,
FinCEN ,
FinTech ,
Popular ,
Suspicious Activity Reports (SARs) ,
Virtual Currency
Anti-money laundering authorities are proposing a significant revision to the federal AML regulatory scheme with the aim of making it more effective while providing greater clarity to covered institutions. ...more
10/9/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Corruption ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Corruption ,
Financial Crimes ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Public Comment ,
Regulatory Agenda ,
Risk Assessment ,
White Collar Crimes
The Financial Crimes Enforcement Network (FinCEN) and federal banking regulators recently issued a Joint Statement intended to clarify the due diligence obligations of banks under the Bank Secrecy Act (BSA) regarding...more
9/17/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Customer Due Diligence (CDD) ,
FFIEC ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Joint Statements ,
Politically Exposed Person (PEPs) ,
Regulatory Requirements ,
Risk-Based Approaches