A flurry of activity on January 27 signaled continued skepticism from the Federal Reserve of crypto-asset-related activities generally and open, public or decentralized networks in particular....more
On January 23, the New York State Department of Financial Services (DFS or the Department) issued guidance clarifying its expectations for New York-based virtual currency businesses regarding the custody of customer assets...more
On January 3, the Board of Governors of the Federal Reserve (FRB), Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) issued a Joint Statement on Crypto-Asset Risks to Banking...more
1/9/2023
/ Banking Sector ,
Commercial Bankruptcy ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Financial Regulatory Agencies ,
FRB ,
Joint Policy Statements ,
NYDFS ,
OCC ,
Prudential Standards ,
Risk Alert ,
Risk Assessment
On November 1, 2021, the President’s Working Group on Financial Markets (PWG) - along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) - published the Report on...more
11/16/2021
/ Anti-Money Laundering ,
Blockchain ,
CFTC ,
Cross-Border ,
Cryptocurrency ,
Exchange Rates ,
FDIC ,
FinCEN ,
FSOC ,
Information Reports ,
Legislative Agendas ,
OCC ,
Payment Systems ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Stablecoins
Two recent actions by the Office of the Comptroller of the Currency (OCC) - one enforcement action and one interpretive note - focus attention on the kinds of anti–money laundering (AML) controls needed for banks to custody...more
8/7/2020
/ Anti-Money Laundering ,
BSA/AML ,
Compliance ,
Consent Order ,
Cryptoassets ,
Cryptocurrency ,
Custody ,
Enforcement Actions ,
Financial Institutions ,
FinCEN ,
OCC
Many financial institutions will confront a new compliance challenge on May 25, 2018, the effective date of the European Union’s revamped data privacy law, the General Data Protection Regulation (“GDPR”). In short, GDPR data...more