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...
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...
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