Uncategorized

OFAC Fines AMEX Bank for Sanction Violations

by firoz_rambee
July 22, 2022September 24, 2022

AmEx Bank agreed to a $430,500 settlement regarding OFAC violations under the Kingpin Act.

Money Transfer Company Pleads Guilty to AML Violations

by firoz_rambee
July 19, 2022September 24, 2022

Ping Express, the company, to be sentenced for AML violations following former personal liability penalties assessed to Ping execs.

NFT Platforms Subject to AML Laws in EU?

by firoz_rambee
July 14, 2022September 24, 2022

While originally excluded from the EU’s MiCA laws, subsequent amendments propose NFT trading platforms should also be subject to EU AML laws.

Global Crypto Regulation Coming

by firoz_rambee
July 11, 2022September 24, 2022

Global regulators are exploring creating a joint body to coordinate crypto rules, and meanwhile monitor associated FinTech-related trends.

Bank Fined for Sanctions Violations

by firoz_rambee
June 5, 2022September 24, 2022

OFAC fined Banco Popular de Puerto Rico for failing to detect and prevent transactions with two low-level Venezuelan government employees.

DOJ Files Complaint Against US Citizen Transmitting Crypto to Sanctioned Country

by firoz_rambee
May 21, 2022September 24, 2022

US citizen accused of setting up payments platform to operate in an OFAC-sanctioned country.

Crowdfunding Sites Under Regulatory Pressure

by firoz_rambee
May 19, 2022June 30, 2022

The regulatory pressure is ramping up for crowdfunding portals. On May 4, 2022, FINRA fined two funding portals (Wefunder and StartEngine Capital) a combined $1.75 million for failing to comply with securities laws. Wefunder raised more than was allowed under crowdfunding rules, which it did… Read More »Crowdfunding Sites Under Regulatory Pressure

OCC Stresses Importance of RegTech

by firoz_rambee
May 18, 2022July 14, 2022

Kevin Greenfield from the Office of the Comptroller of the Currency (OCC) testified on May 13 during a hearing before the House Financial Services Committee Task Force on Artificial Intelligence (AI). He discussed the OCC’s approach to innovation, and its supervisory expectations for banks’ use… Read More »OCC Stresses Importance of RegTech

List of NFT ‘Red Flags’

by firoz_rambee
May 13, 2022July 14, 2022

The Joint Chiefs of Global Tax Enforcement published some of the first guidance to combat NFT-related fraud. The Joint Chiefs are a group of tax officials from the US, UK, Australia, Canada and the Netherlands. The guidance includes a list of “red flags” that highlight the risk… Read More »List of NFT ‘Red Flags’

SEC Doubles Size of Crypto Unit

by firoz_rambee
May 9, 2022July 14, 2022

SEC Chair Gary Gensler continues to turn up the heat on the crypto market. On May 3, 2022 the Securities and Exchange Commission announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed… Read More »SEC Doubles Size of Crypto Unit

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