News & Analysis as of

Money Laundering Money Services Business

Perkins Coie

FinCEN Addresses Increased Fraud Involving Convertible Virtual Currency Kiosks

Perkins Coie on

Key Takeaways - - The Financial Crimes Enforcement Network’s recently issued notice, which addresses regulations and increased rates of fraud surrounding convertible virtual currency kiosks, carries significant implications...more

Morrison & Foerster LLP

No Full TIN, No Problem: FinCEN Approves of TIN Verification Through a Third Party

On June 27, 2025, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order (Order) allowing banks,[1] and their subsidiaries, subject to the jurisdiction of the Office of the Comptroller...more

Ballard Spahr LLP

FinCEN Issues Southwest Border Geographic Targeting Order Aimed to Combat Mexican-based Drug Cartels

Ballard Spahr LLP on

We have written previously about the new administration’s significant shifts in its approach to criminal enforcement and prosecution of money laundering cases. Specifically, we wrote about shifts at the U.S. Department of...more

Ballard Spahr LLP

Brink’s Global Services Faces Major Fines: The DOJ and FinCEN Crackdown on AML Violations

Ballard Spahr LLP on

Brinks Global Services USA (“BGS USA”), a global leader in secure logistics, found itself at the center of a significant regulatory investigation due to its failure to meet anti-money laundering (“AML”) obligations....more

Ballard Spahr LLP

Halkbank Faces Prosecution: U.S. Court of Appeals Denies Sovereign Immunity

Ballard Spahr LLP on

On October 22, 2024, the U.S. Court of Appeals for the Second Circuit ruled that Türkiye Halk Bankası A.Ş. (“Halkbank”), owned by the Republic of Turkey, can be prosecuted for allegedly helping Iran evade U.S. sanctions and...more

Blake, Cassels & Graydon LLP

Nouveaux projets de règlement : Mise à jour du régime canadien de lutte contre le recyclage des produits de la criminalité

Le 5 juillet 2024, le ministère des Finances du Canada (le « ministère des Finances ») a publié des projets de règlement en application de la Loi sur le recyclage des produits de la criminalité et le financement des activités...more

Blake, Cassels & Graydon LLP

Canada Updates Anti-Money Laundering Rules with New Draft Regulations

On July 5, 2024, the Department of Finance released draft regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which, among other things, implement some of the changes outlined in...more

Ballard Spahr LLP

Binance Settles Criminal and Civil AML and Sanctions Enforcement Actions for Multiple Billions – While its Founder, Owner and...

Ballard Spahr LLP on

As the world now knows, Binance Holdings Limited, doing business as Binance.com (“Binance” or the “Company”), has entered into a plea agreement with the U.S. Department of Justice (“DOJ”)....more

Ballard Spahr LLP

Bipartisan group of Senators re-introduce Digital Asset Money Laundering Act

Ballard Spahr LLP on

On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the Digital Asset Anti-Money Laundering Act (the “Act”), legislation aimed at closing...more

Ballard Spahr LLP

Bipartisan Group of Senators Re-Introduce the Digital Asset Money Laundering Act

Ballard Spahr LLP on

Legislation Targets Unhosted Wallets, Validators and Digital Asset ATMs - On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the...more

Wilson Sonsini Goodrich & Rosati

Beware: Increasingly Aggressive Enforcement Actions in the Crypto Asset Industry Puts Companies on Notice

Regulators are increasingly taking enforcement action against crypto asset industry participants for violating anti-money laundering (AML) and sanctions laws. Regulators are concerned about the illicit use of crypto...more

Blake, Cassels & Graydon LLP

De nouvelles modifications à la législation canadienne en matière de lutte contre le recyclage des produits de la criminalité

Le 21 avril 2023, le gouvernement du Canada a déposé un avis de motion de voies et moyens visant à mettre en œuvre certaines dispositions du budget fédéral de 2023 (le « Budget 2023 »). Comme nous l’avons mentionné plus tôt...more

Blake, Cassels & Graydon LLP

More Changes to Canadian Anti-Money Laundering Legislation

On April 21, 2023, the Canadian government introduced the Notice of Ways and Means Motion to implement certain provisions of the 2023 federal budget. As we noted earlier this month, certain changes were proposed to the...more

Sullivan & Worcester

Compliance Alert! Regulated Entities Gear Up for the UK's Economic Crime Levy

Sullivan & Worcester on

If your organisation is both supervised under the UK Money Laundering Regulations (“MLR”) and your UK Revenue exceeds £10.2 million per year, if you are not already, you will need to prepare for the forthcoming Economic Crime...more

Wilson Sonsini Goodrich & Rosati

Crypto Exchange Agrees to Pay More Than $362,000 to Settle Alleged Sanctions Violations

On November 28, 2022, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced that Payward, Inc. d/b/a Kraken, a U.S.-based cryptocurrency exchange, agreed to pay $362,158.70 to settle charges relating to its...more

Katten Muchin Rosenman LLP

Federal Reserve's New Master Account Guidelines Provide Transparent Path For Crypto Industry

State-chartered crypto banking entities and other crypto financial institutions will now be subject to a "transparent and equitable framework" when applying for direct access to the Federal Reserve's payment systems...more

Wilson Sonsini Goodrich & Rosati

Money Services Businesses Penalized for Failure to Adopt Robust Anti-Money Laundering Practices

Two recent federal enforcement actions—announced the same day—have underlined the need for crypto companies to carefully consider their anti-money laundering (AML) obligations or else risk significant penalties....more

Bennett Jones LLP

Canadian Cryptocurrency Companies Join Global Initiative to Combat Money Laundering

Bennett Jones LLP on

On May 24, 2022, nine Canadian cryptocurrency companies—Wealthsimple, CoinSmart, Netcoins, Shakepay, VirgoCX, Tetra Trust, BlocPal, Balance and Coinsquare—announced their membership in the Travel Rule Universal Solution...more

Torres Trade Law, PLLC

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

Torres Trade Law, PLLC on

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

The Volkov Law Group

Payoneer Pays $1.4 Million to Resolve OFAC Sanctions Violations

The Volkov Law Group on

Payoneer, Inc., an online money transmitter and prepaid access company, agreed to pay $1.4 million to OFAC to settle violations of multiple sanctions programs.  ...more

Bennett Jones LLP

Changes to AML and Virtual Currency Regulations for Reporting Entities and Money Service Businesses

Bennett Jones LLP on

Entities dealing in "virtual currencies", money services businesses (MSBs) and other reporting entities (REs) to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) will become subject to new compliance...more

Herbert Smith Freehills Kramer

DOJ Cyber-Digital Task Force Releases Cryptocurrency Enforcement Framework

Building off a 2018 alert outlining cyber threats generally, and following the federal indictment for money laundering of the founders of the offshore cryptocurrency exchange BitMEX, on Oct. 8, 2020, the U.S. Department of...more

Orrick, Herrington & Sutcliffe LLP

DOJ Demonstrates its Ability to Track Illegal Foreign Funds Laundered Through Crypto; Financial Institutions Must Keep Up

The Department of Justice (DOJ) announced last week and earlier this month civil forfeiture actions brought by the United States Attorney’s Office for the District of Columbia to seize stolen or laundered virtual currency...more

Polsinelli

Superman29 - Welcome to the Phantom Zone

Polsinelli on

In a lesson to everyone that the use of foolish monikers will come back to haunt you, Kais Mohammad, 36, a.k.a. “Superman29,” has met his Kryptonite - the U.S. Department of Justice. ...more

Eversheds Sutherland (US) LLP

Cryptocurrency misappropriation, hacking, theft and fraud on target for banner year

According to one blockchain and cryptocurrency security firm, this year is on pace to be the second highest in cryptocurrency theft, hacking and fraud, with January through May 2020 already seeing $1.36 billion stolen in...more

54 Results
 / 
View per page
Page: of 3

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide