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FATF Continues to Stress AML Risks From Virtual Asset Service Providers

Fourth and Final Post in a Series on the FATF Plenary Outcomes - As we have previously blogged, the Financial Action Task Force (“FATF”) held its fourth Plenary on June 21-25, inviting delegates from around the world to...more

DOJ Again Charges Crypto “Mixer” Under the BSA and District of Columbia’s Money Transmitters Act

In Related Case, Federal Court Holds that Bitcoin-to-Bitcoin “Tumbler” Can Represent “Money Transmission” On April 27, IRS CI and FBI Special Agents arrested Roman Sterlingov, a dual citizen of Russia and Sweden, for his...more

DOJ Unseals Indictment Charging Three North Korean Military Intelligence Operatives With Attempting to Steal Over $1 Billion in...

Related Money Laundering Case Relying on ATM Cash-Outs and BEC Schemes Also Unsealed - On February 17, the Department of Justice unsealed a sprawling indictment against three members of North Korea’s military intelligence...more

FinCEN Proposes New Rule for “Unhosted” Virtual Currency Wallets

On December 18, the Financial Crimes Enforcement Network (“FinCEN”) issued a proposal to impose on banks and money service businesses (“affected institutions”) a new set of rules for digital currency transactions involving...more

Two Chinese Nationals Charged with Money Laundering Over $100 Million in Cryptocurrency for North Korea

Case Sheds Light on Latest Methods to Evade Detection: “Peeling” Chains - On March 2, the U.S. government sanctioned and indicted two Chinese nationals for helping North Korea launder nearly $100 million in stolen...more

Australia’s Financial Intelligence Agency Implements AML Regulation of Digital Currencies

Australia announced on April 11 that all digital currency exchanges operating in the country will be regulated by the Transaction Reports and Analysis Centre (“AUSTRAC”), the country’s financial intelligence agency. ...more

Global Regulators to Maintain AML Pressure on the Cryptocurrency Industry

On February 23, the Financial Action Task Force (“FATF”) signaled that the inter-governmental body “will step up its efforts in monitoring the use of cryptocurrencies in money laundering.” ...more

AML/BSA Focus by U.S. Senate Committee Testimony – From Beneficial Ownership to Cryptocurrency

This week, the U.S. Senate Committee on the Judiciary and the U.S. Senate Committee on Banking, Housing and Urban Affairs held hearings focused in part on Anti-Money Laundering (“AML”) and the Bank Secrecy Act (“BSA”)....more

Beyond Best Practices: Regulatory Compliance Now a Necessity in the Cryptocurrency Sector

As the value of bitcoin continues to soar (USD:BTC this past weekend exceeded $19,000.00:1), we thought that now would be a good time to emphasize the need to ensure regulatory compliance with the many federal and state AML...more

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