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Beneficial Ownership Reporting Requirements: FinCEN Issues Final Rule for Implementation of Corporate Transparency Act

USA - October 26 2022 On Sept. 29, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (Final Rule) implementing…

Claudio J. Arruda, Kyle R. Freeny

ENABLERS Act Proposes to Expand Definition of ‘Financial Institution’; Impose BSA/AML Requirements on Professional Service Providers

USA - October 13 2022 On July 14, 2022, the U.S. House of Representatives passed bipartisan legislation that, if passed by the Senate and signed into law, would expand the…

Richard M. Cutshall, Kyle R. Freeny, Janiell "Alexa" Gonzalez

Crypto Exchange Bittrex Settles $53 Million in Fines with Treasury Department for Sanctions, Anti-Money-Laundering Violations

USA - October 11 2022 On Oct. 11, 2022, the U.S. Treasury Department announced that cryptocurrency exchange Bittrex Inc. had agreed to settle $53 million total in fines…

Kara M. Bombach, Kyle R. Freeny, Madeline Orlando

Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings

USA - August 21 2022 Federal regulatory agencies are closely monitoring crypto-asset developments and banking organizations’ participation in the crypto-asset industry…

John B. Hutton III, Barbara A. Jones, William B. Mack, Benjamin M. Saul

OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Facilitating Money Laundering

USA - August 15 2022 On Aug. 8, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed economic sanctions on Tornado Cash, a popular…

Kara M. Bombach, Kyle R. Freeny, David I. Miller, Jena M. Valdetero