Reported by Ron Shevlin The New Director Should Remake the CFPB The bureau—which one industry insider (who, not surprisingly, prefers to go unnamed) calls the Center For Punishing Banks—needs a complete overhaul. The root of the CFPB’s ineffectiveness is that it believes that the way to fix the banking industry’s problems is to regulate. To […]

Reported by Amy Howe The Biden administration came to the Supreme Court on Tuesday afternoon, asking the justices to let it enforce an anti-money-laundering law while the government appeals to the U.S. Court of Appeals for the 5th Circuit and, if necessary, the Supreme Court. U.S. Solicitor General Elizabeth Prelogar told the justices that an order by […]

Reported by Chelsea Bailey, Brynn Gingras and John Miller Authorities believe fireworks, gas tanks and camping fuel were connected to a detonation system controlled by the driver in the Tesla Cybertruck that exploded outside a Trump Hotel in Las Vegas Wednesday morning. The incident is being investigated as a possible terrorist act, according to a law enforcement official […]

Reported by Agence France-Presse Syria’s leader Ahmed al-Sharaa told Al Arabiya on Sunday that elections could take four years, noting the importance of ties with Iran and Russia and calling for the United States to lift sanctions. “The election process could take four years,” Sharaa told the Saudi-owned Al Arabiya television, three weeks after his […]

Reported by Office of Public Affairs – U.S. Department of Justice Distribution of Over $131M Brings Madoff Victim Recovery to Nearly 94% of Fraud Losses The Justice Department announced today that the Madoff Victim Fund (MVF) began its 10th and final distribution of over $131.4 million to victims of the Bernard L. Madoff fraud scheme. […]

Reported by Mattathias Schwartz Millions of corporate entities will not have to share information about their owners with the Treasury Department after an appeals court reversed a decision that would have required them to do so by Jan. 1. Under the Corporate Transparency Act, an anti-money-laundering law that passed in 2020, companies would have had […]

Reported by JAMES M. GATHECHA The U.S. Treasury Department and the Internal Revenue Service (IRS) have unveiled a tax reporting framework that will affect the fast-growing decentralized finance (DeFi) sector. This new regulatory framework introduces several key provisions designed to ensure compliance and capture tax revenue from the rapidly expanding industry, including a requirement for […]

Reported by Aimee Picchi With the court ruling that enforcement can proceed, many small business owners may scramble to register ahead of deadline, although FinCEN said on Dec. 23 that it is extending the deadline until Jan. 13 due to the late December court ruling. “Reporting companies that were created or registered prior to Jan. […]

Reported by Aleks Gilbert US-based websites and crypto wallets that provide easy access to the world of decentralised finance must perform background checks on customers and record their every transaction starting in 2027, the Treasury Department said Friday. Crypto developers and attorneys have long warned the rules could pose an existential threat to decentralised finance, the blockchain-based […]

Reported by Thomas Bock, Fernanda Barroso, and David Lewis (Summary version featured below) The 2024 global election cycle has been pivotal, with countries representing over three-quarters of the world’s population participating in elections. These political transitions are poised to significantly influence financial crime regulation and enforcement. The financial integrity of election campaigns, candidates, and political […]