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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-09-20T16:30:00
The Treasury Department is seeking public input on how to address illicit finance and national security risks posed by digital assets, part of a multipronged push by the Biden administration to hold bad actors accountable and identify potential enforcement and regulatory gaps.
On Tuesday, the Treasury published a request for comment in the Federal Register seeking feedback on “digital-asset-related illicit finance and national security risks as well as the publicly released action plan to mitigate the risks.” The comment period will be open through Nov. 3.
The request follows an executive order by President Joe Biden in March noting digital assets pose potential risks to “financial stability and financial system integrity, combating and preventing crime and illicit finance, and national security.” Biden urged government agencies to explore how to encourage “responsible financial innovation” in the digital assets sector while also ensuring these novel financial instruments adhere to U.S. laws and regulations.
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News and analysis for the well-informed compliance or audit exec.
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2022-10-04T20:05:00Z By Aaron Nicodemus
A new report by the Financial Stability Oversight Council identified three regulatory gaps in the current oversight of cryptocurrency, stablecoins, and other digital assets and recommended steps Congress and federal regulators should take to close them.
2022-09-16T14:30:00Z By Kyle Brasseur
To see a prominent representative from the CFTC accuse the SEC of “regulation by enforcement” might raise the eyebrow of some observers. But it shouldn’t—not when that’s the latter’s stated strategy.
2022-09-13T20:20:00Z By Aaron Nicodemus
Nikhil Wahi, brother of former Coinbase product manager Ishan Wahi, pleaded guilty to one count of wire fraud conspiracy as part of the Department of Justice’s first case regarding the insider trading of cryptocurrency assets.
2024-07-01T15:58:00Z By Aaron Nicodemus
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
2024-06-10T09:43:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
2024-06-06T13:52:00Z By Ruth Prickett
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
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