United States

Topic: Money laundering

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FinCEN issues first AML civil penalty against a virtual currency exchange

On May 5, 2015, the Financial Crimes Enforcement Network (FinCEN), the US federal anti-money laundering agency, announced a $700,000 civil penalty against Ripple Labs Inc. (Ripple) and its subsidiary for acting as an unregistered money services business. FinCEN and the United States Attorney’s Office for the Northern District of California, a division of the US … Continue Reading

New York issues first authorization for a company to act as a virtual currency exchange

On May 6, 2015, the Superintendent of the New York State Department of Financial Services (DFS) authorized itBit Trust Company LLC (“itBit”) to engage in the business of a limited purpose trust company and to act as a virtual currency exchange. ItBit is not your typical money services business, which is usually a nonbanking organization that … Continue Reading

The SEC speaks about Big Data, SAR filing practices and its priorities

During last week’s SEC Speaks conference, SEC Staff discussed examination and enforcement priorities, its increasing use of data aggregation and sophisticated technology and coordination efforts to proactively address potential issues in the early stages. For broker-dealers, the Staff identified four specific areas of focus: Churning and excessing trading, Anti-money laundering (AML), Retail investors investing in … Continue Reading

FinCEN seeks to clarify AML obligations of currency transporters

The Financial Crimes Enforcement Network (FinCEN), the US government agency charged with enforcement of the US anti-money laundering (AML) laws, issued on September 24, 2014, an administrative ruling that was meant to clarify the application of AML regulations to currency transporters such as armored car services. Under the regulations promulgated under the AML law often … Continue Reading

FinCEN proposes identifying beneficial owners of legal entities

On August 4, 2014, the Financial Crimes Enforcement Network, otherwise known an FinCEN, published in the Federal Register, the official U.S. federal government daily publication for rules, proposed rules, and notices of Federal agencies, a proposed rule that would require financial institutions that are required to have formal customer identification programs to obtain identifying information … Continue Reading
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