- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-19T18:35:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency (CVC) mixing under a proposed rule.
On Thursday, FinCEN announced a notice of proposed rulemaking that would identify international CVC mixing as a class of transactions of primary money laundering concern. Doing so would mean domestic financial institutions and agencies must take “special measures” toward CVC mixing as directed by FinCEN under Section 311 of the Patriot Act.
The agency said the rule proposal is in line with the Treasury’s efforts to promote transparency for CVC mixing activities, including malicious use of the practice by Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2024-02-13T21:15:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
2023-10-27T15:36:00Z By Aaron Nicodemus
The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.
2023-10-23T16:49:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network issued an alert warning financial institutions to be vigilant toward identifying funding streams supporting Hamas in its attacks against Israel.
2025-04-24T18:07:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau (CFPB) has quickly become one of the most active agencies advancing the Trump administration’s pullback on prosecuting corporations, as it dropped yet another consumer protection lawsuit against a financial services company Wednesday.
2025-04-21T12:00:00Z By Neil Hodge
The United Kingdom’s latest effort to encourage regulators to pare down rules to attract companies and investment as a way to stimulate the economy has received mixed reviews from lawyers.
2025-04-18T14:01:00Z By Aaron Nicodemus
A federal judge has ruled that Google “willfully engaged in a series of anticompetitive acts” in the advertising technology industry, the latest antitrust setback in what could become a string of losses for tech companies.
Site powered by Webvision Cloud