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BitMEX – Executive Liability for Anti-Money Laundering Failures

The trend of holding executives personally liable for anti-money laundering and compliance failures by their organizations continues. On October 1, the CFTC announced the filing of a civil enforcement action charging five entities and three individuals that own the BitMEX cryptocurrency exchange with operating an… Read More »BitMEX – Executive Liability for Anti-Money Laundering Failures

FinCEN’s Paving The Way For Innovation

In a speech at the 2019 Money Transmitter Regulators Association Annual Conference on September 11, 2019, FinCEN Deputy Director Jamal El-Hindi reaffirmed that FinCEN is “striving to pave the way for more innovation” in BSA and AML compliance. Click here for the full text of the speech.

Senate Committee Hearing Discusses ‘Plugging the Gap’ in US AML requirements

A Senate Committee Hearing on June 19, 2019 discussed plugging the “gap” in US AML requirements, by requiring formal disclosure of ultimate beneficial owners of US shell companies and LLCs. However, sentiment seemed to be leaning towards maintaining a private list of UBOs that would… Read More »Senate Committee Hearing Discusses ‘Plugging the Gap’ in US AML requirements

Treasury Department Speech on Enforcement Actions & Virtual Currencies

The Treasury Department’s Sigal Mandelker gave a good at speech at a SIFMA conference. She highlighted a few of FinCEN’s recent AML enforcement actions, and discussed regulatory efforts relating to virtual currencies. She also urged firms to “supercharge” their efforts to help FinCEN fight financial… Read More »Treasury Department Speech on Enforcement Actions & Virtual Currencies

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