FinCEN Tag

If you’re an entrepreneur in the cryptocurrency space, you need to learn about financial regulation quickly. A great first step is learning about the major financial regulators in the industry. We’re continuing our series of cryptocurrency compliance 101 posts to help cryptocurrency business owners understand the regulatory...

In 2014, JPMorgan Chase Bank, N.A. admitted to violating the Bank Secrecy Act. The bank had failed to report dubious transactions which were connected to fraudster Bernard Madoff's Ponzi scheme. The Financial Crimes Enforcement Network (FinCEN) fined JPMorgan $461 million. Then, in 2016, FinCEN went after Gibraltar Private...

The following is an excerpt from an article published on NASDAQ.com and Bitcoin Magazine in which BitAML founder, Joe Ciccolo, analyzes the recent FinCEN enforcement action with Western Union, and lessons learned. There are several takeaways from the experience of this legacy organization for money transfers that...

The following is an interview of BitAML Founder & President, Joe Ciccolo, originally published on CoinIdol. In it, Joe discusses the regulatory compliance implications for newly released portable bitcoin ATM devices. The Portable Bitcoin ATM presented by LocalBitcoins in October 2016, may cause MSB compliance issues....

Earlier this week, FinCEN released a transcript of prepared remarks delivered by Deputy Director Jamal El-Hindi to the Conference of State Bank Supervisors (CSBS) on May 26th. The topic of discussion was bank “de-risking”. This, of course, remains a critical concern for bitcoin companies, most of whom struggle...

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...

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...

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