On May 1, 2025, the Financial Crimes Enforcement Network (FinCEN) released a Notice of Proposed Rulemaking (NPRM) regarding the Huione Group, a foreign financial institution located in Cambodia. This proposal, enacted under...more
5/6/2025
/ AML/CFT ,
Cambodia ,
Cryptocurrency ,
Cyber Crimes ,
Digital Assets ,
Enforcement Actions ,
Financial Crimes ,
Financial Services Industry ,
FinCEN ,
Foreign Financial Institutions (FFI) ,
Know Your Customers ,
Money Laundering ,
NPRM ,
Patriot Act ,
Popular ,
Proposed Rules
On February 20, 2025, the Office of the Comptroller of the Currency (“OCC”) announced that they had entered into a formal agreement with Patriot Bank, National Association (“Patriot Bank”), following a comprehensive...more
2/25/2025
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Examinations ,
BSA/AML ,
Consumer Financial Products ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
OCC ,
Prepaid Payment Products ,
Regulatory Violations ,
Risk Management
On August 27, 2024, the New York State Department of Financial Services (“NYDFS”) announced a consent order involving a $35 million settlement with Nordea Bank Abp (“Nordea”) for alleged significant failures related to...more
9/5/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
BSA/AML ,
Consent Order ,
Due Diligence ,
Financial Institutions ,
Financial Services Industry ,
Money Laundering ,
NYDFS ,
Panama Papers
On May 3, 2024, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”) jointly released the...more
5/8/2024
/ AML/CFT ,
Anti-Money Laundering ,
Banks ,
BSA/AML ,
Due Diligence ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
Risk Assessment ,
Risk Management ,
Third-Party ,
Third-Party Risk
It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more
3/19/2024
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Daubert Standards ,
Digital Assets ,
Digital Currency ,
Electronic Communications ,
Enforcement Actions ,
Evidence ,
Expert Testimony ,
Financial Crimes ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Government Investigations ,
Guilty Pleas ,
Money Laundering ,
Popular ,
Virtual Currency
On October 23, the Financial Crimes Enforcement Network (“FinCEN”) published a notice of proposed rulemaking (“NPRM”) entitled Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of...more
11/1/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Convertible Virtual Currencies (CVCs) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
NPRM ,
Recordkeeping Requirements ,
Virtual Currency