Treasury Department Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker described risks and responsibilities associated with money laundering and financing of terrorism in distributed ledger technologies.
At a recent webinar, Cadwalader attorneys reviewed anti-money laundering developments affecting cannabis businesses, broker-dealers and blockchain, and discussed draft legislation affecting the Bank Secrecy Act.
In a report to Congress, the Consumer Financial Protection Bureau evaluated a 2013 rule requiring remittance transfer providers to make certain disclosures to consumers regarding costs, fees and other information prior to the purchase of such transfers.
Beginning on October 1, 2018, financial service companies holding check casher and virtual currency business activity licenses may transition those licenses to the Nationwide Multistate Licensing System and Registry.
Congressmen Steve Pearce (R-NM) and Blaine Luetkemar (R-MO) introduced legislation that would increase reporting thresholds for financial institutions subject to the Bank Secrecy Act, and provide a temporary safe harbor for violations of the Customer Due Diligence rule.
The New York Department of Financial Services adopted standards for filtering programs that monitor transactions for potential anti-money laundering and Bank Secrecy Act violations and block transactions that are prohibited by the Treasury's Office of Foreign Assets Control.
The Financial Crimes Enforcement Network ("FinCEN") fined Ripple Labs Inc. and its wholly owned subsidiary, XRP II, LLC (collectively, "Ripple Labs"), for acting as a money services business and selling its virtual currency without maintaining an adequate AML program. In addition to paying a civil...
FinCEN issued a cautionary statement to banks about their efforts to comply with Bank Secrecy Act obligations. FinCEN warned banks not to be over aggressive on MSB accounts. FinCEN stated its "concern" that banks are "indiscriminately terminating" and refusing to open accounts for money service...