News & Analysis as of September 18, 2024

Bank Secrecy Act › Civil Monetary Penalty

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The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -

FDIC releases November enforcement actions

Orrick, Herrington & Sutcliffe LLP on 1/8/2024

On December 29, the FDIC released a list of administrative enforcement actions taken against banks and individuals in November. The FDIC made 12 orders public including, “five consent orders, three prohibition orders, two...more

FinCEN issues final rule replacing obsolete BSA civil penalty regulations

Orrick, Herrington & Sutcliffe LLP on 1/5/2023

On December 23, the Financial Crimes Enforcement Network (FinCEN) published a final rule amending the Bank Secrecy Act civil penalty regulations concerning requirements for reporting foreign financial accounts and...more

FinCEN and OFAC Issue First Joint Action in Cryptocurrency Market

McGlinchey Stafford on 11/11/2022

On October 11, 2022, the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) acted in parallel to issue the first joint action in the cryptocurrency market against Bittrex. Bittrex...more

Major U.S. Crypto Exchange Consents to $29 Million Penalty for Historic BSA and OFAC Violations

BakerHostetler on 10/25/2022

On October 11, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced a $29 million civil monetary penalty against Bittrex, a...more

Important Supreme Court Decision will Decide how Non-Willful FBAR Penalties are Calculated

Cole Schotz on 9/28/2022

This fall, the Supreme Court is set to hear an important case regarding the interpretation of the law that provides for penalties for failing to file an FBAR. The case will impact many taxpayers who have already been...more

BitMEX Co-Founder and Owner Settles with CFTC and Now Faces Criminal Sentencing

Ballard Spahr LLP on 5/16/2022

The legal saga involving the civil and criminal cases against the entity and former individual owners of the Bitcoin Mercantile Exchange, or BitMEX—a large and well-known online trading platform dealing in futures contracts...more

OCC and FinCEN Issue $200 Million in Penalties for BSA-AML Violations

Sheppard Mullin Richter & Hampton LLP on 3/29/2022

On March 17, the OCC and FinCEN issued civil monetary penalties against a federal savings bank for “willfully” failing to meet minimum compliance program requirements and shoddy suspicious transaction reporting. The consent...more

OCC and FinCEN Issue $9 Million in Penalties for BSA-AML Violations

Sheppard Mullin Richter & Hampton LLP on 12/23/2021

On December 16, 2021, the Office of the Comptroller of the Currency (“OCC”) and the Financial Crimes Enforcement Network (“FinCEN”) issued civil monetary penalties against a Texas community bank for violations of the Bank...more

The Anti-Money Laundering Act Of 2020: What Businesses Need To Know Now

Hahn Loeser & Parks LLP on 4/26/2021

The National Defense Authorization Act for Fiscal Year 2021 (“NDAA”) enacted earlier this year includes several provisions that may impose new reporting requirements on both foreign and domestic businesses. NDAA is an...more

Mobile Banking App Banned | Sticky Life Alert Contracts | Casino Pays Price For Misleading Regulators

Cozen O'Connor on 4/2/2021

2023 AG Elections- Candidates Ready to Vie for Louisiana Attorney General’s Office Should Incumbent Not Seek Reelection •Louisiana Third District Attorney John Belton announced his plans to run for Louisiana AG if...more

CFTC 2020 Enforcement and Regulatory Developments and a Look Forward

WilmerHale on 3/2/2021

2020 saw continuity in CFTC leadership, programs, and direction from 2019. Overall, the Commission enjoyed an unusually heavy rulemaking calendar and continued the direction of its enforcement program from 2019. On the...more

The Anti-Money Laundering Act Of 2020

Morrison & Foerster LLP on 1/13/2021

On New Year’s Day, Congress overrode President Trump’s veto of the National Defense Authorization Act (NDAA) for the 2021 fiscal year, turning the bill into law without requiring the president’s signature. The NDAA includes...more

FinCEN Takes Action Against Bitcoin Mixer for Violating the Bank Secrecy Act

Foley & Lardner LLP on 10/27/2020

On October 19, 2020, The Financial Crimes Enforcement Network (FinCEN) announced its first action against a bitcoin mixer: a $60 million civil penalty against Larry Dean Harmon. Harmon was the founder and operator of Helix...more

The FBAR (Report of Foreign Bank and Financial Accounts): Everything You Need to Know

Freeman Law on 10/21/2020

What is the Report of Foreign Bank and Financial Accounts (FBAR)? Congress enacted the statutory basis for the requirement to report foreign bank and financial accounts in 1970 as part of the “Currency and Foreign...more

FinCEN Releases New Guidelines, Highlighting The Factors To Be Considered When Bringing Enforcement Actions

Vinson & Elkins LLP on 8/24/2020

In a significant move toward more transparency, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) released new guidance (the “Guidance”) on August 18, 2020, setting forth its enforcement approach and...more

If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA)

Foodman CPAs & Advisors on 7/22/2019

FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities...more

Financial Crimes Enforcement Network Consolidates Guidance on Virtual Currencies

Jones Day on 6/21/2019

The Situation: The Financial Crimes Enforcement Network ("FinCEN") released interpretive guidance concerning the application of the Bank Secrecy Act ("BSA") and the anti-money laundering ("AML") regulations to certain...more

US Authority Settles Charges Against Peer-to-Peer Virtual Currency Exchanger for Violating Registration and AML Requirements

A&O Shearman on 5/22/2019

The U.S. Treasury Department's Financial Crimes Enforcement Network has announced that it has settled charges against Eric Powers, a peer-to-peer exchanger of convertible virtual currency, for violating the registration,...more

Blockchain Week in Review - April 2019 #3

Perkins Coie on 5/6/2019

U.S. Developments - Regulatory Updates - Arca Investment Management Files With SEC to Issue Stablecoin - Arca Investment Management, a California-based investment management firm specializing in digital assets, filed an...more

Exchangers Beware: FinCEN Issues First Fine Against a P2P Virtual Currency Exchanger

Locke Lord LLP on 5/3/2019

On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) announced a civil monetary penalty against an individual for operating a peer-to-peer virtual currency exchanger. FinCEN assessed a $35,350 civil...more

In a First, FinCEN Assesses Civil Money Penalty Against Peer-to-Peer Virtual Currency Exchanger

Morrison & Foerster LLP on 4/26/2019

On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) issued a press release announcing a civil money penalty for violations of the Bank Secrecy Act’s (“BSA”) anti-money laundering (“AML”) compliance program...more

FinCEN Announces Civil Monetary Penalty for Virtual Currency Exchanger

Burr & Forman on 4/23/2019

On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) announced its first enforcement action against a peer-to-peer virtual currency exchanger....more

The BSA Civil Penalty Regime: Reckless Conduct Can Produce “Willful” Penalties

Ballard Spahr LLP on 8/2/2018

Conduct Performed Without Knowledge Still Can Lead to the Most Serious Penalties - Under the Bank Secrecy Act (“BSA”), the most onerous civil penalties will be applied for “willful” violations....more

Financial Regulatory Developments Focus - January 2018 #2

A&O Shearman on 1/18/2018

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

FinCEN Takes First Action Against Foreign-Located MSB—“The Virtual Currency Exchange of Choice for Criminals”—For Willfully...

Ballard Spahr LLP on 7/31/2017

On July 26, FinCEN, in coordination with the U.S. Attorney’s Office for the Northern District of California (“NDCA USAO”), assessed a $110,003,314 civil money penalty against BTC-e a/k/a Canton Business Corporation (“BTC-e”)...more

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Bank Secrecy Act › Civil Monetary Penalty

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