PYMNTS

NOVEMBER 16, 2018

The Financial Crimes Enforcement Network (FinCEN) announced that it has issued revised Geographic Targeting Orders (GTOs), which will now require U.S. In addition, FinCEN is requiring for purchases via virtual currencies to be reported. FinCEN Director Kenneth A.

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Fincen Financial Crimes Crime SARS 53

Global Fintech & Digital Assets

NOVEMBER 2, 2023

Yatter , and Deric Behar On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency [1] mixing (CVC mixing). By Parag Patel , Eric S.

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Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept.

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Treasury Cryptocurrency Stablecoins Fincen 129

PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. Cryptocurrency has become something of a go-to method for scammers , according to DOJ, as exchanges are often lightly regulated and there are no easy ways to follow the money.

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Fincen Crime Cryptocurrency Money Laundering 93

PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

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AML Fincen Cryptocurrency BSA 82

PYMNTS

DECEMBER 30, 2020

Securities and Exchange Commission filed a lawsuit against Ripple for trading the cryptocurrency without registering it as a security. Ripple maintains “XRP is a currency, as the DOJ and FinCEN determined in 2015.”. Binance , Bittrex and Crypto.com have all announced that they will delist XRP following last week’s news that the U.S.

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Bitcoin Fincen PayPal Cryptocurrency 100

PYMNTS

OCTOBER 21, 2019

The head of the Financial Crimes Enforcement Network (FinCEN) has warned FinTech firms that they must abide by anti-money laundering (AML) laws. The warning seems to be aimed toward cryptocurrency exchanges and FinTech firms that have the ability to allow anonymous users to utilize funds for criminal behavior. .”

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Fincen AML Laws FinTech 40

PYMNTS

OCTOBER 19, 2020

sanctions can encompass prohibitions on operations with cryptocurrencies. As a result, the move could assist in assuaging the risk of international sanctions. However, CoinDesk notes that U.S. Earlier this month, The Bank of Russia had released a report on a potential rollout of the digital ruble. 19) announcement.

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Fincen Mitigation Risk AML 53

Payments Source

OCTOBER 21, 2019

Kenneth Blanco's tough comments appeared to target payments providers that offer their users anonymity.

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Fincen AML Compliance Payments 67

PYMNTS

DECEMBER 11, 2020

Of the more adventurous paths in global finance and the protection of it, cryptocurrencies and stablecoins getting attention as they heat up and blockchain lays out new digital-first rails. The zeal with which crooks are now targeting cryptocurrencies signals the need for additional layers of security.

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Money Laundering AML Cryptocurrency Verification 87

PYMNTS

DECEMBER 23, 2020

The road to mainstream acceptance of cryptocurrencies will still have its bumps, its potential roadblocks set in place from regulators. News came this week that the United States Securities and Exchange Commission has filed suit against Ripple over its XRP cryptocurrency. XRP is a currency, as the DOJ and FinCEN determined in 2015.

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Cryptocurrency Fincen Non-Bank Regulations 93

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These services blend the cryptocurrencies of many users together, making it difficult to trace the origin of funds. Usage of mixers peaked in 2022, with over US$1.5 billion in 2024.

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Money Laundering Law Enforcement AML Non-Bank 107

PYMNTS

MARCH 4, 2020

The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. Bank , with a $450,000 civil penalty for his negligence in failing to intercept breaches of the Bank Secrecy Act (BSA), FinCEN announced on Wednesday (March 4). . Department of Justice (DOJ) to penalize U.S.

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AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

MAY 19, 2020

Department of the Treasury as director of the Financial Crimes Enforcement Network (FinCEN), director of the Office of Foreign Assets Control, senior counsel to the Under Secretary of the Treasury, Terrorism and Financial Intelligence, and assistant general counsel for Enforcement and Intelligence in the Office of the General Counsel, Libra said.

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Treasury Financial Crimes Crime Fincen 90

PYMNTS

MARCH 30, 2020

Treasury Department’s Financial Crimes Enforcement Network ( FinCEN ) before intentions for a roll out in the United States, CoinDesk reported. .” In other news, Bitget, which is based in Singapore, said it had registered as a money services business with U.S.

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CBDC Interbank Settlement Digital Currency Central Bank 98

The Paypers

APRIL 22, 2019

(The Paypers) The Financial Crimes Enforcement Network (FinCEN) has penalised a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering (AML) rules.

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Fincen AML Money Laundering Laws 28

The Fintech Times

FEBRUARY 24, 2024

Many cryptocurrency exchanges (CEXs) that facilitate trades between users of various digital currencies have often come under fire for mismanaging money, or engaging in unlawful activity. Meanwhile, the US boasts more top CEXs registered with the Financial Crimes Enforcement Network (FinCEN) than any other country.

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Fincen Financial Crimes Regulations Digital Currency 69

PYMNTS

FEBRUARY 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . FinCEN Director Kenneth A. Topics discussed included cryptocurrency business models, money laundering and terrorist finance risks, illicit typologies and the role of FIUs in tracing virtual assets. . The Sunday (Feb.

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Fincen Money Laundering Law Enforcement Financial Crimes 60

The Fintech Times

FEBRUARY 3, 2025

Staked cryptocurrency holdings on blockchain networks like Ethereum, Solana and NEAR are used to validate transactions, enhance network security and support overall network operations. With recent regulatory changes in the UK, Uphold has reintroduced staking services, enabling customers to earn rewards on eligible PoS cryptocurrencies.

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Fincen Financial Crimes Cryptocurrency Legal 59

PYMNTS

JANUARY 14, 2021

As quoted by Reuters, she termed the cryptocurrency a “highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity.” As reported by Reuters this week, Lagarde said at a conference sponsored by the newswire that bitcoin should be regulated — worldwide.

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Money Laundering Bitcoin Regulations Central Bank 61

PYMNTS

SEPTEMBER 28, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist. Strong consumer authentication comes in several forms, and it’s time to pick one. “A

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Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said. 15) that the U.S. The CEO of U.S.

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Travel Rule Rules Fincen Money Laundering 55

BitPay

MAY 25, 2023

A growing number of businesses have begun accepting cryptocurrency payments to meet the demands of their crypto-using customers. Fortunately, today it’s easier than ever for B2B businesses to start taking cryptocurrency in exchange for their goods and services, with no crypto knowledge required and no complicated integrations.

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Cryptocurrency B2B Bitcoin Processors 40

PYMNTS

MARCH 3, 2020

Justice Department (DOJ) with laundering over $100 million worth of cryptocurrency that was previously hacked by North Korean fraudsters, the DOJ said on Tuesday (March 3). and unsealed on Monday (March 2), Tian Yinyin and Li Jiadong allegedly laundered cryptocurrency stolen by North Korean hackers between December 2017 and April 2019.

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Law Enforcement Money Laundering IRS OFAC 56

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said. 15) that the U.S. The CEO of U.S.

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Rules AML Travel Rule Fincen 50

PYMNTS

JULY 15, 2019

The top official overseeing Facebook’s Libra cryptocurrency told U.S. Libra Head David Marcus said the creation of Facebook’s cryptocurrency is not intended to compete with principal currencies and won’t interfere with monetary policy, Reuters reported. Monetary policy is properly the province of central banks.”.

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Money Laundering Regulations Fincen Cryptocurrency 46

PYMNTS

JUNE 16, 2020

He also recommended that the Financial Stability Oversight Council (FSOC) be charged with “the responsibility to create a framework for regulating cryptocurrencies and developing guidelines for strong protections against money laundering and cybersecurity threats to those marketplaces.”.

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Cybersecurity Money Laundering Treasury FBI 90

PYMNTS

SEPTEMBER 23, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that malware, phishing schemes, extortion and business email compromise are in fact all on the rise. Large investments in security measures are necessary for banks to protect themselves and their customers from this menace.

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Identity Theft Financial Crimes Technology Crime 83

PYMNTS

SEPTEMBER 30, 2020

FinCEN Director Tells Banks To Look Out For Crypto Fraud. Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. FinCEN is geared toward different types of cybersecurity and cyber risks. The news follows Jumio’s Sept.

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Fincen Financial Crimes AML Card Issuer 52

Payments Source

APRIL 21, 2019

The SEC and other regulators are taking a closer look at ICOs and mergers involving cryptocurrencies and distributed ledgers, which requires careful diligence for payment companies and dealmakers, according to Will Turner, a partner in the blockchain and cryptocurrency practice at Steptoe & Johnson.

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Government Governance Compliance Cryptocurrency 72

Finance Magnates

JANUARY 16, 2023

Some states may also require businesses to obtain a license from the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of Treasury. Please find out more about our services for Money , Banking , Payments , Licensing , and Cryptocurrency on our website. Faisal Khan , CEO of Faisal Khan LLC.

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Fincen Financial Crimes Digital Currency Crime 52

Payments Source

MARCH 9, 2020

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.

Money Laundering 71

Money Laundering Bitcoin Treasury Cryptocurrency 71

BitPay

NOVEMBER 3, 2023

As cryptocurrency continues to grow as a safe and convenient method for making everyday purchases, online merchants of all sizes and types have begun offering customers the option to pay for goods or services with crypto. Never hold crypto Accepting crypto payments doesn’t subject you to the price volatility of cryptocurrency.

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Bitcoin Cryptocurrency Cross-Border Payments Fincen 52

CB Insights

JUNE 27, 2018

In June, the SEC’s head of corporate finance William Hinman stated that ether, the cryptocurrency associated with the Ethereum network, is not a security. Other regulatory agencies like the CFTC and FinCEN are approaching the sector in different ways. FinCEN thinks cryptoassets are money, while CFTC sees commodities.

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Regulations Fincen Bitcoin Cryptocurrency 39

The Fintech Times

JANUARY 13, 2024

The highest value fine of $4.3billion was issued to the world’s largest cryptocurrency exchange, Binance , in relation to AML failings.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

PYMNTS

JULY 1, 2019

Despite the obvious regulatory hurdles that Facebook’s recently announced cryptocurrency is facing, the company is moving forward with its plan to provide the world with an accessible global currency, according to reports. Financial Crimes and Enforcement Network (FinCEN). It’s only going to get worse.”.

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Fincen Central Bank Financial Crimes Cryptocurrency 41

PYMNTS

NOVEMBER 18, 2019

In the cryptocurrency arena, Director Kenneth Blanco of the Financial Crimes Enforcement Network (FinCEN) said on Friday (Nov. Under scrutiny, too, is the alleged practice of companies paying fees to the firms to have their products ranked higher than would otherwise be seen.

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FTC Federal Trade Commission Fincen NOV 40