Money Transfer Company Pleads Guilty to AML Violations
Ping Express, the company, to be sentenced for AML violations following former personal liability penalties assessed to Ping execs.
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Global Crypto Regulation Coming
Global regulators are exploring creating a joint body to coordinate crypto rules, and meanwhile monitor associated FinTech-related trends.
DOJ Files Complaint Against US Citizen Transmitting Crypto to Sanctioned Country
US citizen accused of setting up payments platform to operate in an OFAC-sanctioned country.
Crowdfunding Sites Under Regulatory Pressure
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
List of NFT ‘Red Flags’
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’
Secretary Yellen Remarks on Biden Administration’s Approach to Digital Assets
On April 7th Secretary of the Treasury Janet L. Yellen delivered remarks on digital assets policy, innovation, and regulation at American University. Consistent with President Biden’s recent Executive Order, Secretary Yellen pointed out the need to focus on the opportunities that digital assets bring, as… Read More »Secretary Yellen Remarks on Biden Administration’s Approach to Digital Assets
CFPB Plans To Target FinTechs
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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