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Anti-Money Laundering Know Your Customers

Guidepost Solutions LLC

How the UK High Court Decision on Forced Labor Impacts Your Supply Chain Due Diligence

The recent ruling by the U.K. Court of Appeal declared that the U.K. National Crime Agency’s decision not to investigate the importation of cotton produced through the use of Uyghur forced labor in China was unlawful. This...more

Guidepost Solutions LLC

Crypto Crackdown: 8 Key BSA/AML Fundamentals for FinTechs

In June 2024, multiple state regulators took joint action against Plutus Financial, Inc (Abra) ordering Abra to cease and desist certain operations in the U.S. and reimburse customers of virtual assets valued at $81.1 million...more

Holland & Knight LLP

Finland Proposes Sweeping Reform of Gaming Market with Open Licensing System

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The Finnish government has unveiled a draft law proposing a major overhaul of the country's gaming regulatory landscape. The proposed system, targeted for launch in January 2027, would usher in a new era of open competition...more

Strafford

[Webinar] Distressed Financing: Avoiding Pitfalls in Planning and Execution - Agency Resignation and Transfer, Rebalancing of...

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This CLE course will examine some of the more common pitfalls in loan restructurings that are frequently unidentified or ignored until they appear at or after closing. The panel discussion will include agency resignations,...more

White & Case LLP

The Shadow Financial System

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The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

Ankura

Crypto Asset Investigations: Key Considerations and Pitfalls

Ankura on

Crypto assets are some of the most rapidly evolving and increasingly adopted assets in the world. Decentralized Finance (DeFi) is emerging as a blockchain-based alternative to traditional banking and financial services and...more

Guidepost Solutions LLC

Money Laundering, Terrorist Financing, and Investment Advisors – Yes, Financial Crime is Borderless and Legal Entity-Agnostic

There is a growing acknowledgement that money laundering and terrorist financing is borderless and legal entity-agnostic, just as it is already known that cybercriminals and the means to commit cybercrimes continuously attack...more

Ballard Spahr LLP

IRS Unveils Broad Draft Information Reporting Form for Digital Asset Transactions

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On April 18, the Internal Revenue Service (“IRS”) issued a draft version of Form 1099-DA, a proposed information reporting form regarding certain digital asset sales and exchanges that “digital asset brokers” will need to...more

Ballard Spahr LLP

KuCoin and Founders Charged with Operating Illegally as Money Transmitter and Futures Commission Merchant

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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

Guidepost Solutions LLC

Investment Advisers and Generative AI

Start Planning Now to Reduce Your Increased Money Laundering, Sanctions, and Conflicts of Interest Risks The introduction and use of generative artificial intelligence (GenAI) and predictive data analytics (PDAs) by...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

BCLP

Stumbling Block? What is the Path Ahead for DeFi Through the Eyes of Policymakers?

BCLP on

DeFi development carried quietly on throughout 2023, but DeFi protocols also faced significant hurdles. In the US, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) increased their...more

J.S. Held

INDEPTH FEATURE: Anti-Money Laundering 2024

J.S. Held on

Could you provide an insight into recent trends shaping financial crime in your country of focus? How great a risk does money laundering in particular now pose to companies? One would likely never imagine compliance as...more

Womble Bond Dickinson

Navigating the Labyrinth: Artificial Intelligence in the Battle Against Trade-Based Money Laundering

Womble Bond Dickinson on

In the rapidly evolving financial landscape, governments worldwide are intensifying their focus on compliance in Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts for financial institutions. Trade-Based Money...more

Akin Gump Strauss Hauer & Feld LLP

New Year's Resolutions for the Secondaries Space

As we begin the annual ritual of making our personal New Year’s resolutions, it’s a great time for secondaries market participants to do the same. As we gear up for what is expected to be an active 2024, here are our...more

ArentFox Schiff

Investigations Newsletter: Binance to Pay Historic $4 Billion Fine

ArentFox Schiff on

Binance to Pay Historic $4 Billion Fine - Binance Holdings Limited, the operator of the world’s largest cryptocurrency exchange, agreed to pay $4.3 billion to resolve allegations that it violated the Bank Secrecy Act (BSA)...more

Awatif Mohammad Shoqi Advocates & Legal...

UAE’s Commitment to Anti-Money Laundering Compliance: Regulatory Impacts on the UAE’s Financial Sector

The UAE has demonstrated a strong commitment to combating money laundering, terrorist financing and the financing of unlawful organizations. This commitment is reinforced by Federal Decree-Law No. 20/2018 and its amendments,...more

Foley & Lardner LLP

The Current State of FinTech

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FinTech has revolutionized the financial industry and presents incredible benefits for individuals, businesses, and the economy as a whole. Startups in this area have significantly increased accessibility to financial...more

Cadwalader, Wickersham & Taft LLP

Honey, do you think KYC is still open? September 2023 - The ABCs of KYC (accounts)

Subtly pivoting from the topic of collateral accounts, introduced in the August 25, 2023 Fund Finance Friday (“FFF”) article by Chad Stackhouse and Katie Clardy titled “Control or Control Agreement”, we will explore a few of...more

J.S. Held

Three Ways to Use Analytic Rigor in Your AML Compliance Operations

J.S. Held on

Introduction: Influx of Information Triggers Threats to Anti-Money Laundering Compliance - Information abounds. The internet, social media, and web 3.0 are full of content and it’s available with a few finger taps....more

Dickinson Wright

Corporate Transparency Act Compliance Date Is Approaching Quickly

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Although the Corporate Transparency Act (CTA”) was adopted in 2021,  implementation has been delayed while the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”)  established regulations. The deadline,...more

Ballard Spahr LLP

SEC’s Suit Against Binance Demonstrates Scope of Its Crypto Enforcement Efforts

Ballard Spahr LLP on

On June 5, 2023, the SEC filed an extensive civil complaint against Binance Holdings Limited, its assorted affiliates and its beneficial owner and CEO, Changpeng Zhao, alleging multiple violations of the Securities Act of...more

Ballard Spahr LLP

Building the Engine Alongside the Brakes: Acting Comptroller Hsu’s Remarks Discuss Impact of Artificial Intelligence and...

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On June 16, 2023, Michael J. Hsu, Acting Comptroller of the Currency made remarks to the American Bankers Association (“ABA”) Risk and Compliance Conference in San Antonio, Texas. In his remarks, Hsu discussed both the...more

Lowenstein Sandler LLP

Silicon Valley Bank Fallout: Navigating and Managing the Account Opening Processes at Other Financial Institutions

Lowenstein Sandler LLP on

Silicon Valley Bank, Santa Clara, California, was closed on March 10 by the California Department of Financial Protection and Innovation (CDFPI). On March 12, the New York State Department of Financial Services (NYSDFS)...more

Kohrman Jackson & Krantz LLP

Why are Company Ransomware Payments Dropping Dramatically?

Companies are increasingly choosing not to pay ransom for ransomware and extortionware due to the growing associated risks. In fact, a recent report by crypto-crime analyst firm Chainalysis found that payments to threat...more

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