Month: June 2023

Written by FinCrime

‘Perfect storm of investor risk’: SEC enforcement chief pushes back on crypto industry’s ‘regulation by enforcement’ chorus

Reported by LEO SCHWARTZ On Friday, Gurbir Grewal, the SEC’s director of enforcement, pushed back against criticism from industry participants that his agency is engaging in “regulation by enforcement,” arguing that crypto represents a “perfect storm of investor risk” that needs to be addressed through existing securities law. null At an event in Midtown Manhattan hosted […]

Written by FinCrime

SEC to Weigh New Artificial Intelligence Rules For Wealth Management

Reported by Andrew Welsch This week, the SEC said it is weighing whether to introduce new rules governing how wealth management firms use artificial intelligence when engaging with clients. The regulatory agency is scrutinizing potential conflicts of interest in the use of AI, machine learning, and similar technologies. The SEC disclosed this alongside other regulatory […]

Written by FinCrime

U.S. House of Representatives Presses FinCEN on Status of CTA Roll-Out

Reported by Peter D. Hardy The Corporate Transparency Act (“CTA”) takes effect on January 1, 2024.  On that date, the Financial Crimes Enforcement Network (“FinCEN”) needs to have implemented a working data base to accept millions of reports of beneficial ownership information (“BOI”) by newly-formed companies required to report BOI under the CTA, as well […]

Written by FinCrime

Big banks are talking up generative A.I. — but the risks mean they’re not diving in headfirst

Reported by Ryan Browne and MacKenzie Sigalos Major banks and fintech companies claim to be piling into generative artificial intelligence as the hype surrounding the buzzy technology shows no signs of fizzling out — but there are lingering fears about potential pitfalls and risks. At the Money 20/20 fintech conference in Amsterdam, Netherlands, executives at […]

Written by FinCrime

‘It’s not even good for money laundering’: ‘Black Swan’ author Nassim Taleb lashes out at Bitcoin and says it’s ‘transformed into a cult’

Reported by Rachel Shin Bitcoin is an ineffective cult that not even “bad guys” want to join anymore, said the author of The Black Swan, a bestselling book on the extreme impact of outlier events. Cryptocurrency falls short on its claim to streamline payments, and doesn’t even facilitate illegal transactions well, Nassim Taleb told Bloomberg on Thursday. “It’s not […]

Written by FinCrime

FinCEN Will Soon Release Proposals for New Real Estate Regulations. How Will This Affect Investors and Fund Managers?

Reported by Buck Wargo New proposed regulations by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury might put more pressure on U.S. commercial real estate professionals, including fund managers, to address money laundering in the industry. Starting in December 2021, FinCEN solicited input from industry professionals on how best to address the […]

Written by FinCrime

Insider Trading and Market Manipulation Trends and Priorities from the NYC Bar’s White-Collar Crime Institute

Reported by Jacqueline Chervak, Edward Imperatore, and Brian Kidd On May 24, 2023, Edward A. Imperatore, a partner in Morrison Foerster’s Investigations + White-Collar Defense group and former Assistant U.S. Attorney for the Southern District of New York, moderated a panel, entitled “Market Abuse and Trading Related Prosecutions – Recent Developments and What Comes Next,” […]

Written by FinCrime

Binance Moved Billions Through Two U.S. Banks, Regulators Say

Reported by Emily Flitter and Matthew Goldstein Binance, the giant cryptocurrency exchange accused of mishandling customer funds, used two American banks to move billions of dollars around the world, the Securities and Exchange Commission said on Wednesday, detailing how huge sums of cash flowed in and out of the accounts sometimes within a span of […]