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FDIC Imposes a New Speed Bump for Bank Involvement in Digital Asset Activities

USA - April 11 2022 In the latest effort by a federal banking regulator to address risks related to bank involvement in the crypto sector without providing meaningful…

David E.Teitelbaum, Michael D. Lewis, C.K. Kevin Park, Kristin S. Teager

FinCEN Proposed Rule Will Require Many Domestic and Foreign Entities to Report Beneficial Ownership Information to the U.S. Government

USA - December 13 2021 On December 7, 2021, the Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking to implement Section 6403 of the…

Stanley J. Boris, David C. Buck, Michael D. Mann, Brian P. Morrissey, Doreen M. Rachal, Timothy J. Treanor, Paul M. Tyrrell

U.S. Banking Agencies Signal Closer Review of Cryptocurrency Activities

USA - December 1 2021 On November 23, 2021, the Office of the Comptroller of the Currency (OCC) published Interpretative Letter No. 11791 (the Letter) clarifying the…

Ivana Grossi, Michael D. Lewis, Kristin S. Teager, David E Teitelbaum

FFIEC Guidance on Authentication and Access to Financial Institution Services and Systems

USA - August 17 2021 On August 11, 2021, the Federal Financial Institutions Examination Council (FFIEC) issued guidance establishing risk management principles and…

David E.Teitelbaum, Michael D. Lewis, Thomas G. Ward

FinCEN Issues Government-Wide Priorities for Anti-Money Laundering and Counter-Terrorist Financing

USA - July 1 2021 The Financial Crimes Enforcement Network (FinCEN) issued its first governmentwide priorities for anti-money-laundering and Countering the financing…

David C. Buck, Michael D. Mann, Brian P. Morrissey, Doreen M. Rachal, Lilya Tessler, Timothy J. Treanor, Paul M. Tyrrell