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
On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued the first of three final rules implementing the Corporate Transparency Act’s beneficial ownership information (BOI) requirements. The aim of the...more
On March 7, 2020, New York State Governor Andrew Cuomo issued Executive Order No. 202, declaring a statewide disaster emergency in response to the Covid-19 pandemic. This Executive Order followed just a few days after...more
Following widespread calls for greater federal action to provide financial relief to struggling governments across the United States, President Biden and Congress delivered respite to America’s state and local governments by...more
3/29/2021
/ American Rescue Plan Act of 2021 ,
CARES Act ,
Coronavirus/COVID-19 ,
Essential Workers ,
Infrastructure ,
Popular ,
Relief Measures ,
Small Business ,
State and Local Government ,
State Funding ,
U.S. Treasury
On April 24, 2020, the President signed into law the Paycheck Protection Program and Health Care Enhancement Act (the "Enhancement Act"), an interim stimulus package that includes additional funding for the Paycheck...more
The CARES Act (the "Act"), signed into law on March 27, is a wide-sweeping stimulus package, estimated at $2.2 trillion, that provides small businesses and nonprofits almost $350 billion in partially forgivable loans, as well...more
4/2/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Financial Stimulus ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
1. Up to $500 Billion in Loans, Loan Guarantees, and Investments to Eligible Businesses (of any size but geared to large businesses), States and Municipalities. (Division A, Title IV) Allocation of Funds:
• Not more than $25...more