Bittrex OFAC Violations: Hindsight is 20/20
Crypto exchange Bittrex settles for $24 million for OFAC violations, a stand out among OFAC settlements for various reasons.
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Creating Transparency: Beneficial Ownership Rules Finalized
The Anti-Money Laundering Act of 2020 (AMLA 2020) requires FinCEN to implement and maintain a database to identify people who ultimately own or control legal entities (called ultimate beneficial owners, or UBOs). The requirement was designed to add transparency and address deficiencies in the U.S.… Read More »Creating Transparency: Beneficial Ownership Rules Finalized
Is a regulatory tidal wave coming?
Acting OCC Comptroller Michael Hsu expressed concern about a looming crisis given increased bank-fintech partnership risk.
White House Releases Framework for Digital Assets
The pieces of the puzzle are coming together on President Biden’s initiative to foster digital asset innovation yet mitigate risk.
Wise FIned $360K for AML Violations
Money transfer company Wise was fined $360K by Abu Dhabi regulators for violating the country’s AML laws. The country’s financial governing agency, Financial Services Regulatory Authority (FSRA), found that the company “did not establish nor maintain adequate AML systems and controls to ensure full compliance… Read More »Wise FIned $360K for AML Violations
OFAC Sanctioned Crypto Mixer for Laundering Stolen Crypto
The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned crypto mixer, Tornado Cash, adding 38 Ethereum wallet addresses to the Specially Designated Nationals (SDN List). Crypto mixers are programs that mix various cryptocurrencies in private pools before transferring it to designated receivers. OFAC found… Read More »OFAC Sanctioned Crypto Mixer for Laundering Stolen Crypto
Robinhood’s Crypto Unit Fined for Major Compliance Issues
Last week, the New York State Department of Financial Services (“NYDFS”) fined Robinhood’s crypto trading unit $30 million. The crypto retail trading platform failed to implement controls reasonably designed to prevent cybersecurity and money-laundering violations. In addition to the penalty, Robinhood must retain an independent… Read More »Robinhood’s Crypto Unit Fined for Major Compliance Issues
Flutterwave Denies Kenyan Regulator’s AML Claims
There are numerous potential downsides once regulators suspect AML infractions – operational, reputational, financial, and more. Flutterwave, a digital payments start-up with headquarters in Nigeria and San Francisco, was recently accused by Kenya’s High Court of AML improprieties. In court papers, the regulators said it… Read More »Flutterwave Denies Kenyan Regulator’s AML Claims
House Amends ENABLERS Act: Adds More Industries Under BSA/AML Scope
An amended version of the ENABLERS Act (“Establishing New Authorities for Business Laundering and Enabling Risks to Security”), informally known as the “Gatekeepers Amendment” introduced by Rep. Maxine Waters (D-CA), cleared the House on Thursday, July 14, 2022. If passed, the bill would impose anti-money… Read More »House Amends ENABLERS Act: Adds More Industries Under BSA/AML Scope
