House Financial Services Committee Chair Patrick McHenry and a Republican colleague submitted a comment letter criticizing FinCEN's recently proposed beneficial ownership rule.
News & Insights
FinCEN prohibited the transmission of funds by any covered financial institution via Bitzlato, a virtual currency exchange that FinCEN identified as being of a "primary money laundering concern" in connection with Russian illicit finance.
In a study published pursuant to the Anti-Money Laundering Act of 2020, Treasury-examined aspects of the high-value art market that could present money laundering risks, and (ii) described efforts by regulators and market participants to prevent or mitigate money laundering risk in that market.
FinCEN extended comment periods on a proposal concerning transactions that involve convertible virtual currency and digital assets with legal tender status.
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.