BSA, OFAC, KYC, and CIP – What do they mean to me? [More with McGlinchey, Ep. 29]
U.S. Financial Services Firms Announce Digital Asset Initiatives - A major U.S. financial services company and operator of global financial exchanges and clearinghouses recently announced an agreement with the issuer of the...more
The Attorney-General has introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (the Bill) to address regulatory “gaps” in Australia’s existing Anti-Money Laundering and Counter-Terrorism...more
On June 20, 2024, Bill C-59, the Fall Economic Statement Implementation Act received royal assent. Division 8 of this legislation introduced various amendments to the Proceeds of Crime (Money Laundering) and Terrorist...more
On September 30, 2022, FinCEN published the Ultimate Beneficial Ownership (UBO) Reporting Rule (the Rule), which implements reporting requirements regarding Beneficial Ownership Information (BOI) under the Corporate...more
The October 7, 2023 attacks on Israel by Hamas have re-focused U.S. government efforts to identify and counter funding streams for Hamas and terrorist activity in general – including, in particular, through the use of...more
Summary of What Has Happened and What Is Yet to Come - On 19 October 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM), pursuant to...more
Paying a cyber ransom will, allegedly, secure your data and give you back control of your systems. But there are legal, operational and ethical risks to consider....more
Donald Rumsfeld died yesterday. When the definitive history of the 21st century is written, no one man may play a more central role than Rumsfeld. The reason? He led America into its disastrous war in Iraq. Not only was the...more
Cryptocurrency, and its most-noted asset Bitcoin, has been breaking into the mainstream press. While most lawyers have heard terms like “blockchain” and probably even know a few people who have been deeply interested in the...more
The UK Financial Conduct Authority (FCA) has become the anti-money laundering and countering the financing of terrorism (AML/CFT) supervisor for some types of cryptoasset businesses. These will need to meet certain...more
Government agencies apparently believe that expertise from blockchain analytic firms is required to assist with investigating illicit activities such as tax evasion, money laundering, terrorist financing, and drug markets. ...more
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more