aml

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.

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.

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

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

Digital Bank Fails to Meet OCC Expectations

by firoz_rambee
April 21, 2022July 14, 2022

The regulatory focus on cryptocurrency firms continued on April 21, when the Office of the Comptroller of the Currency (OCC) issued a Consent Order against Anchorage Digital Bank regarding the bank’s failure to adopt and implement a compliance program that adequately covers the required Bank Secrecy Act/anti-money… Read More »Digital Bank Fails to Meet OCC Expectations

CFPB Plans To Target FinTechs

by firoz_rambee
April 3, 2022July 14, 2022

The Consumer Financial Protection Bureau (CFPB) announced earlier this week that it intends to leverage a largely unused legal provision to examine nonbank financial companies and seeks comments on updated procedures. The CFPB believes using this inactive authority will enable them to hold nonbanks to the same… Read More »CFPB Plans To Target FinTechs

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