The Nevada Gaming Control Board (“Board”) recently filed a complaint (“Complaint”) against Resorts World Las Vegas casino (“Resorts World”), alleging that, despite repeated red flags, Resorts World’s Anti-Money Laundering...more
8/27/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Casinos ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Illegal Gambling ,
Money Laundering
After several years of monitoring and reporting on artificial intelligence (AI) in financial services, the U.S. Department of Treasury (Treasury) has embarked on initial rulemaking efforts and issued a request for information...more
6/27/2024
/ AML/CFT ,
Anti-Money Laundering ,
Artificial Intelligence ,
BSA/AML ,
Consumer Financial Products ,
Financial Institutions ,
Financial Services Industry ,
Machine Learning ,
Non-Discrimination Rules ,
Request For Information ,
Risk Management ,
U.S. Treasury ,
UDAAP
The U.S. Department of the Treasury (“Treasury”) has released a Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence (“AI”) in the Financial Services Sector (“RFI”). Written comments are...more
6/17/2024
/ Algorithms ,
AML/CFT ,
Anti-Money Laundering ,
Artificial Intelligence ,
Bank Secrecy Act ,
BSA/AML ,
Consumer Financial Products ,
Data Privacy ,
Disclosure Requirements ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Gramm-Leach-Blilely Act ,
Investor Protection ,
Machine Learning ,
Money Laundering ,
Request For Information ,
Risk Management ,
U.S. Treasury
Last week, the United States Attorney’s Office for the Southern District of New York unsealed an indictment against global cryptocurrency exchange KuCoin and two of its founders, Chun Gan and Ke Tang, for allegedly conspiring...more
4/5/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
BSA/AML ,
CFTC ,
Commodity Exchange Act (CEA) ,
Crypto Exchanges ,
Cryptocurrency ,
Enforcement Actions ,
Financial Services Industry ,
Futures Commission Merchants (FCMs) ,
Know Your Customers ,
Money Laundering ,
Money Transmitter ,
Popular ,
Regulatory Violations ,
Suspicious Activity Reports (SARs)
The Department of Justice (“DOJ”) has been very active in the Bank Secrecy Act (“BSA”) / Anti-Money Laundering (“AML”) space, as reflected by a recent series of individual prosecutions and corporate non-prosecution agreements...more
2/5/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Criminal Investigations ,
Criminal Prosecution ,
Cryptocurrency ,
Currency Transaction Reports (CTR) ,
Department of Justice (DOJ) ,
Due Diligence ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Money Transmitter ,
Non-Prosecution Agreements ,
Suspicious Activity Reports (SARs)
Summary -
The SEC’s pursuit of the crypto industry continues with its second-ever settlement of a non-fungible token (NFT) enforcement action. The SEC settled with Stoner Cats 2 LLC (SC2), which sought to finance an...more
Summary -
The SEC’s focus on the crypto industry expanded this week to include non-fungible tokens (NFTs). In its first NFT-enforcement action, the SEC settled with Impact Theory, a media and entertainment company, over...more
9/5/2023
/ Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Ethereum ,
Howey ,
Investment Contract ,
Investment Opportunities ,
Non-Fungible Tokens (NFTs) ,
Offerings ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Securities Violations ,
Unregistered Securities
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Just when it looked like a victory for the crypto industry in SEC v. Ripple, a mere two weeks later, a different judge in the Southern District of New York disagreed with Ripple’s holding, introducing greater...more
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In People v. Reid and People v. Muhammad, the New York Court of Appeals overturned murder convictions due to violations of defendants’ Sixth Amendment right to open courtrooms. In both cases, the trial courts had...more
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The past week was a busy one in the cryptocurrency sphere: The Financial Accounting Standards Board (FASB) proposed new standards for crypto assets, and the SEC released an alert urging investors to remain...more
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The U.S. Department of Justice issued a revised policy for Evaluation of Corporate Compliance Programs (ECCP), with new guidance on how the DOJ will consider corporate procedures for employees’ business-related...more
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Top U.S. Department of Justice officials announced the DOJ’s first-ever pilot program on corporate compensation incentives and clawbacks, as well as new policies on preservation of corporate communications, at...more
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The Department of Justice recently fine-tuned and codified the United States Attorney’s Offices (USAO) Voluntary Self-Disclosure Policy (VSD Policy), defining what actually constitutes voluntary self-disclosure,...more