The DOJ, OFAC, FinCEN and the CFTC settled enforcement actions against Binance, its CEO and former CCO. The coordinated settlements addressed charges against the digital asset exchange for CFTC registration failures and for violations of the Bank Secrecy Act and International Emergency Economic Powers Act sanctions programs.
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The Federal Trade Commission proposed a new rule to combat "junk fees." The CFPB issued an advisory opinion clarifying financial institution obligations to respond to consumers' account requests and provide information on fees and charges.
The CFPB, DOJ, FTC and Equal Employment Opportunity Commission reaffirmed their commitment to monitoring the development and use of artificial intelligence to ensure “responsible innovation” and protect individuals’ rights.
The Federal Reserve Board, the FDIC, FinCEN, the NCUA and the OCC reminded banks to apply a risk-based approach when assessing customer relationships and conducting customer due diligence on anti-money laundering risks.
A federal savings bank settled OCC charges and FinCEN charges for violating Bank Secrecy Act regulations and failing to adequately implement anti-money laundering programs.