On September 17, 2020, the Financial Crimes Enforcement Network ("FinCEN") published an Advance Notice of Proposed Rulemaking ("Notice") to obtain public comments on proposed enhancements to anti-money laundering ("AML")...more
On December 11, 2019, the New York State Department of Financial Services ("DFS") issued two proposed changes to the regime that is in place in New York for the regulation and licensing of virtual currency ("VC") businesses....more
12/13/2019
/ Anti-Money Laundering ,
Bitcoin ,
BitLicense ,
Blockchain ,
Comment Period ,
Cryptocurrency ,
Licensing Rules ,
NYDFS ,
Proposed Amendments ,
Proposed Regulation ,
Virtual Currency
The FFIEC has updated its BSA/AML manual effective May 5, 2018, to add a section on the new legal entity due diligence requirements and to update the section of the manual on customer due diligence generally. The Fed...more
5/17/2018
/ Anti-Money Laundering ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Examination Procedures ,
FFIEC ,
Financial Institutions ,
Policies and Procedures ,
Recordkeeping Requirements ,
Regulatory Requirements ,
Reporting Requirements
Last week, the DFS announced an enforcement action and charges against the NY Branch of Habib Bank, a Pakistani bank that had been doing business in NY for almost 40 years....more
9/2/2017
/ Anti-Money Laundering ,
Banks ,
Cease and Desist ,
Civil Monetary Penalty ,
Consent Order ,
Department of Financial Services ,
Enforcement Actions ,
Foreign Banks ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Pakistan ,
Terrorist Financing