Reported by FinCEN The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them. Watch FinCEN representative for a virtual information session on beneficial ownership information reporting requirements and how to […]
Reported by David Balaban In March 2024, European Parliament committees approved a ban on anonymous digital asset transfers. If the EU Council and Parliament adopt these laws, they will take effect in three years. Some cybersecurity and cryptocurrency experts believe that mandatory user verification (KYC) could compromise personal data security. The Security Risks Introduced by KYC […]
Reported by MATTHEW PETTI A bipartisan bill would give the secretary of the treasury unilateral power to classify any charity as a terrorist-supporting organization, automatically stripping away its nonprofit status. The bill, H.R. 6408, already passed the House of Representatives in November, and a companion bill, S. 4136, was introduced to the Senate by Sens. John Cornyn (R–Texas) and […]
Reported by Andy Maxwell It’s long been the case that access to certain services, whether on or offline, will only be granted when customers prove their identity. Often linked to financial products but in many cases basic money/goods transactions carried out online, handing over a name, address, date of birth and similar details, can increase […]
Reported by Crystal Kim, author of Axios Crypto Federal prosecutors on Wednesday charged the founders of a crypto-mixing service called Samourai Wallet with conspiracy to commit money laundering and operating an unlicensed money transmitter business. Samourai Wallet is a Bitcoin wallet that promised to “keep your transactions private and your identity masked.” Samourai allegedly executed over […]
Reported by Reuters German financial watchdog BaFin has ordered Commerzbank (CBKG.DE) to pay a fine of 1.45 million euros ($1.55 million) for breaching its anti-money laundering duties, the regulator said on Monday. “Commerzbank AG and the former comdirect Bank AG, of which Commerzbank AG is the universal successor, had breached their supervisory duties,” said the regulator in […]
Reported by Dylan Tokar Instances where private funds and real-estate purchases were used to launder illicit funds have garnered attention in recent years, but many industry participants feel the problem isn’t a systemic one. In letters to FinCEN, industry proponents questioned whether the threat warranted costly new processes and paperwork. Andreessen Horowitz, one of the […]
Reported by FinCEN WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in close coordination with the Department of State’s Diplomatic Security Service (DSS), issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards. The Notice provides an overview of typologies associated with U.S. passport card […]
Reported by Sridhar Natarajan Morgan Stanley shares fell the most in five months after a report that a cadre of US regulators are scrutinizing the firm’s efforts to prevent potential money laundering by wealthy clients. The Securities and Exchange Commission, the Office of the Comptroller of the Currency and other Treasury Department offices are digging into […]
Reported by Kristen E. Larson & Kaley Schafer In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness, compliance with applicable laws, and third party oversight. BaaS refers to arrangements in which banks integrate their […]
Financial Crime News Briefs 