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...
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...
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,...
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...
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,...
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...
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...
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...
