Blog

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...

Recently, FinCEN issued a Geographic Targeting Order (GTO) requiring certain title agencies in New York and Miami to identify cash buyers of real estate. GTOs are a tool utilized by FinCEN to compel certain additional record-keeping and reporting requirements on financial institutions, non-financial trades, or...

What a way for the New York Department of Financial Services (NYDFS) to end the year. Since Ben Lawsky’s departure in May 2015, the NYDFS has not lost its stride. Last month, Mr. Lawsky’s former employer proposed a comprehensive AML regulation which at a high...

North Carolina appears to have reversed course when it comes to regulating bitcoin companies in The Tar Heel State. The North Carolina Office of the Commissioner of Banks (NCCOB), in collaboration with the Chamber of Digital Commerce, created carve outs for certain exchanges and administrators...

Earlier this month, Coinnections announced the launch of a beta of its AML and KYC compliance software for Bitcoin MSBs, including cryptocurrency exchanges, Bitcoin ATMs and brokers. The powerful product is a complete suite of AML transaction monitoring, case management, due diligence, electronic SAR/CTR filing,...

Recently, BitAML Founder & CEO, Joe Ciccolo, sat down with Cointelegraph to discuss bitcoin regulation, the future of cryptocurrencies, and even legacy banking. "In the crypto-economic sphere, few groups are so crucial yet so scorned as those representing the regulatory body. Tragically, despite the well understood...

This week, the U.S. Department of Justice (DOJ) announced the hiring of Hui Chen as a “full-time compliance expert”. In this role, Ms. Chen will be tasked with assessing the compliance programs of companies under DOJ investigation. This information will aid prosecutors weighing criminal charges...

Last week, the Commonwealth of Nations, an intergovernmental association of 53 independent and equal sovereign states, discussed digital currency as one possible solution to the recent uptick in “de-risking”. Members expressed concern that de-risking was spreading to more and more countries, and might otherwise be...

This, the second edition of SAR Stats, is FinCEN’s annual review of aggregated Suspicious Activity Report (SAR) filings. The 44-page PDF report contained statistical and qualitative analysis of SAR filings, including emerging trends; highlights from within each sector (e.g. MSB, Securities & Futures); and, SAR...

Last week, BitAML Founder & President, Joe Ciccolo, attended Digital Economy Conference 2015 in Omaha, Nebraska. The event featured national and regional speakers sharing their unique insights. Wide-ranging topics included selling into financial institutions, the current regulatory and political landscape, and consumer adoption. Speakers included...

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