The OCC announced on Tuesday, July 31, that it would begin accepting applications for special purpose national bank (SPNB) charters from FinTech companies engaged in the business of banking. The agency released a Policy...more
The Office of the Comptroller of the Currency (the OCC) has released a draft supplement to its Licensing Manual that explains the process for an entity engaged in financial technology—or FinTech—activities to charter a...more
The Office of the Comptroller of the Currency (the OCC) plans to consider applications from companies engaged in financial technology—or FinTech—activities to operate through a national bank charter and has released a paper...more
FinCEN has proposed extending its anti-money laundering (AML) program requirement for banks to banks that are not subject to regulation by a federal functional regulator, including state chartered limited purpose trust...more
9/1/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
CIP ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Patriot Act ,
Proposed Regulation ,
Public Comment ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
On July 7, 2016, the Board of Governors of the Federal Reserve System announced that it has further extended the conformance period under the Volcker rule until July 21, 2017, to allow banking entities to conform their...more
The Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule that would subject certain investment advisers to AML requirements under the Bank Secrecy Act (the BSA). In proposing the rule, FinCEN cited...more
8/31/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Broker-Dealer ,
BSA/AML ,
CIP ,
Comment Period ,
Cross-Border Transactions ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
FinCEN ,
Information Sharing ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Money Laundering ,
Patriot Act ,
Proposed Regulation ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
Training Requirements
Regulatory Developments:
Superintendent Lawsky Announces Final BitLicense Regulations -
New York State Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky, at the BITS Emerging Payments Forum,...more
6/4/2015
/ Banking Sector ,
Banks ,
BEA ,
Bitcoin ,
BitLicense ,
Broker-Dealer ,
Department of Labor (DOL) ,
Dodd-Frank ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Investment ,
Form BE-10 ,
OCC ,
Securities and Exchange Commission (SEC) ,
Virtual Currency