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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-19T18:35:00
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency (CVC) mixing under a proposed rule.
On Thursday, FinCEN announced a notice of proposed rulemaking that would identify international CVC mixing as a class of transactions of primary money laundering concern. Doing so would mean domestic financial institutions and agencies must take “special measures” toward CVC mixing as directed by FinCEN under Section 311 of the Patriot Act.
The agency said the rule proposal is in line with the Treasury’s efforts to promote transparency for CVC mixing activities, including malicious use of the practice by Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-02-13T21:15:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
2023-10-27T15:36:00Z By Aaron Nicodemus
The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.
2023-10-23T16:49:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network issued an alert warning financial institutions to be vigilant toward identifying funding streams supporting Hamas in its attacks against Israel.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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