The Federal Deposit Insurance Corporation (FDIC) issued a Notice of Proposed Rulemaking (the Proposal) on September 17, 2024, that seeks to strengthen recordkeeping for bank deposits held by nonbank companies on behalf of...more
9/23/2024
/ Annual Reports ,
Anti-Money Laundering ,
Bankruptcy Court ,
Bankruptcy Trustees ,
Beneficial Owner ,
Commercial Bankruptcy ,
Compliance ,
Deposit Accounts ,
FDIC ,
Financial Institutions ,
FinTech ,
Internal Controls ,
Investment ,
Misrepresentation ,
Non-Bank Lenders ,
Notice of Proposed Rulemaking (NOPR) ,
Policies and Procedures ,
Popular ,
Proposed Amendments ,
Recordkeeping Requirements ,
Regulatory Oversight ,
Securities ,
Third-Party
On New Year’s Day 2021, Congress passed the Anti-Money Laundering Act of 2020 (AMLA 2020). As we reported last April, the AMLA 2020 included sweeping reforms aimed at strengthening protections against money laundering,...more
President Biden Issues an Executive Order on Competition with Implications for Financial Institutions -
On July 9, 2021, President Biden issued an Executive Order on Promoting Competition in the American Economy. The...more
7/20/2021
/ Anti-Money Laundering ,
Banking Sector ,
Biden Administration ,
BSA/AML ,
Colorado ,
Competition ,
Credit Card Surcharges ,
Executive Orders ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Information Technology ,
OCC ,
Proposed Guidance ,
Risk Management ,
Third-Party ,
True Lender ,
UDAAP
On New Year’s Day 2021, Congress overrode a presidential veto to pass the Anti-Money Laundering Act of 2020 (AMLA 2020), which amends and modernizes the Bank Secrecy Act (BSA). The AMLA 2020 includes sweeping reforms updating...more
4/13/2021
/ Anti-Corruption ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Criminal Penalties ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Senior Foreign Political Figures (SFPFs) ,
Subpoenas ,
Virtual Currency ,
Whistleblower Awards
Federal Financial Regulators Seek Information on the Use of AI by Financial Institutions -
On March 29, 2021, five federal financial regulatory agencies (the Federal Reserve, CFPB, FDIC, OCC, and NCUA) announced a request...more
4/9/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
CSBS ,
Cybersecurity ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Agencies ,
FinTech ,
Gramm-Leach-Blilely Act ,
National Futures Association ,
NCUA ,
OCC
U.S. Developments -
Enforcement and Litigation Developments -
Craig Wright Faces Sanctions -
Craig Wright, the self-proclaimed inventor of Bitcoin, has been tied up in litigation since February 2018 related to his...more
9/10/2019
/ Anti-Money Laundering ,
Bitcoin ,
Chase Bank ,
China ,
Class Action ,
Contract Terms ,
Criminal Prosecution ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Discovery ,
Drug Trafficking ,
European Central Bank ,
FATF ,
Felonies ,
Financial Industry Regulatory Authority (FINRA) ,
Guilty Pleas ,
Motion to Compel ,
Partnerships ,
Popular ,
Sanctions ,
Truth in Lending Act (TILA) ,
Value-Added Tax (VAT)
Cboe Withdraws and Then Submits a Proposed Rulemaking for a Bitcoin ETF -
On January 22, 2019, Cboe BZX Exchange (Cboe) withdrew its proposed rulemaking with the U.S. Securities and Exchange Commission (SEC). Had the...more
2/5/2019
/ Anti-Money Laundering ,
Blockchain ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
Examination Priorities ,
Financial Industry Regulatory Authority (FINRA) ,
Italy ,
MiFID II ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
UK ,
Uniform Commercial Code (UCC) ,
Virtual Currency
FATF Issues Virtual Currency Guidance -
On October 19, the Financial Action Task Force (“FATF”) published the outcomes of its Plenary meeting. Included in the outcomes of the meeting were new recommendations related to the...more
11/2/2018
/ American Arbitration Association ,
AML/CFT ,
Anti-Money Laundering ,
Blockchain ,
China ,
Coinbase ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
FATF ,
FCC ,
Japan ,
Market Manipulation ,
NYDFS ,
Popular ,
Securities and Exchange Commission (SEC) ,
South Korea ,
Virtual Currency