Late last month, EU regulators and lawmakers agreed to step lightly when it comes to regulating blockchain technology. Officials say they will “softly approach” regulation, thereby allowing innovation aimed at disrupting legacy financial solutions to continue. The EU’s move mirrors that of Britain’s Financial Conduct Authority (FCA), which has permitted banks and fintech companies to […]
Late last month, FinCEN Director, Jennifer Shasky Calvery, announced she was stepping down at the end of May to take a job in the private sector. In just three short years as director, Calvery accomplished a great deal! She inherited a relatively obscure financial regulatory agency, which according to many in the compliance community had lost […]
Read More… from FinCEN Director Calvery steps down. Her legacy.
The following is an excerpt from an article published in 99Bitcoins in which BitAML founder, Joe Ciccolo, provides a beginner’s guide to operating a compliant Bitcoin ATM business. Ordering and taking delivery of your terminal should be one of the last steps in your business planning. AML compliance should be step one! Yes, that’s right, I […]
The following is an excerpt from an article published on BTCManager in which BitAML founder, Joe Ciccolo, discusses bitcoin and banking relationships: Joe Ciccolo, Founder and President of the Illinois-based BitAML, a regulatory compliance consulting company devoted exclusively to helping digital currency startups and small businesses, says that “de-risking” is a sensitive topic in large […]
Read More… from Bitcoin and Banking Relationships: BTCManager Exerpt
Three years ago this past Friday (03/18), FinCEN released its regulatory guidance on digital currencies. Those involved in creating, distributing, exchanging, and transmitting digital currencies were deemed money transmitters and thus subject to FinCEN registration and regulatory oversight. “Depending on who you speak to, the issuance of our guidance was either the best thing that […]
Last week, it was reported that a New York man was charged with operating an unlawful money transmitting business for illegally selling bitcoin. According to the U.S. Attorney’s Office, the man allegedly conducted a sale of Bitcoin with an undercover federal agent late last year, and unlawfully operated a Bitcoin exchange, between August 2014 and […]
Late last week, the Colorado-based MSB said authorities were investigating whether the firm knew about gaming transactions involving other nations, and if sufficient AML safeguards were in place. Western Union (WU) said the company could face significant fines if the government brings charges. WU was recently served with subpoenas seeking information about transactions to and […]
Read More… from Western Union caught in money laundering probe
The Australian Competition and Consumer Commission (ACCC) determined that there was no evidence banks colluded prior to closing accounts held by bitcoin companies. Ultimately, it was the ACCC’s determination that banks had acted on an individual basis in consideration of their own unique circumstances. The ACCC was criticized for not conducting a full investigation, and questions […]
Read More… from Aussies: banks didn’t conspire to derisk bitcoin
The tactic of breaking up financial transactions in an effort to evade certain reporting requirements, including the $10,000 CTR threshold, is back under the spotlight. Late last week, after a lengthy legal battle, the IRS returned the $150,000 life savings of a North Carolina convenience store owner. The owner had been making withdrawals of less […]
