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U.S. Financial Crimes Enforcement Network (FinCEN)
Lawsuit Calls On Supreme Court To Examine SAR Safe Harbor
13th Jan 2020 | Written by:
The defendant in a lawsuit over the filing of a suspicious activity report (SAR) is asking the U.S. Supreme Court to keep in place a lower court's ruling affirming that regulated entities have...
Amid Beneficial Ownership Crackdown, FinCEN Seeks Comment On Compliance Burden
6th Jan 2020 | Written by:
With U.S. regulators and lawmakers angling for enhanced disclosure requirements around beneficial ownership, officials are seeking banking sector input on the burden of complying with existing...
Crypto SARs Surge Since May Guidance, FinCEN Boss Says
13th Dec 2019 | Written by:
Six months after U.S. financial regulators issued clarification on reporting requirements for cryptocurrency providers, the industry appears to have received the message loud and clear, with the...
Bank Drafts Exploited For Casino-Based Money Laundering, Authorities Warn
11th Dec 2019 | Written by:
Canadian officials have issued a warning to financial institutions to be on the lookout for attempts to launder money using bank drafts at casinos, a vector growing in popularity after law...
Clearer Money Transmitter Exam Procedures Needed To Stem De-Risking
9th Dec 2019 | Written by:
Unclear expectations and inconsistent supervision by U.S. regulators has had a chilling effect on banks' willingness and ability to serve money transmitter clients, a new report from a federal...
U.S. Regulators Ease Reporting Requirements On Hemp-Related Payments
4th Dec 2019 | Written by:
In response to calls from the banking industry, U.S. regulators have eased reporting requirements for banks servicing client businesses involved in hemp, the low-THC strain of cannabis used for...
U.S. Crypto Expert Accused Of Helping North Korea Evade Sanctions
3rd Dec 2019 | Written by:
An Ethereum Foundation employee has been arrested by U.S. authorities for allegedly teaching attendees of a conference in North Korea how to use cryptocurrency and blockchain technology to evade...
Proposed U.S. Beneficial Ownership Overhaul Leaves Lingering Questions
21st Nov 2019 | Written by:
U.S. attempts to bolster beneficial ownership requirements have been hailed as a significant step in the fight against money laundering via shell companies, but observers warn the bill's vague...
'Travel Rule' Compliance Not Consistent Among Crypto Firms, Warns FinCEN Boss
19th Nov 2019 | Written by:
U.S. officials are cracking down on enforcing regulations requiring cryptocurrency service providers registered as money services businesses to identify the senders and recipients of digital...
Turkish Bank Says U.S. Sanctions Charges 'Unfair', Politically Motivated
17th Oct 2019 | Written by:
A Turkish bank is fighting back against sanctions evasion charges by U.S. officials, dismissing the allegations as legal overreach and claiming they are motivated by a desire to punish the country...
U.S. Federal Regulators Issue AML Reminder To Crypto Firms
14th Oct 2019 | Written by:
A group of federal U.S. regulators has fired a warning to the cryptocurrency industry that anti-money laundering (AML) and counter-terrorism financing (CTF) requirements are based on what a...
Peer-To-Peer Crypto A 'Very Real Concern', FATF Warns
11th Oct 2019 | Written by:
Peer-to-peer cryptocurrency transfers that bypass regulated businesses or intermediaries are an increasingly pressing financial crime concern for supervisory authorities, a Financial Action Task...
Criminals Finding Workarounds Despite Crackdown On Crypto Exchanges
4th Oct 2019 | Written by:
Criminals are fine-tuning their response to closer regulatory scrutiny of cryptocurrency exchanges by turning to alternative methods to cover their tracks and launder funds anonymously, a...
Despite Legislative Progress U.S. Cannabis Banking Plan Far From SAFE
2nd Oct 2019 | Written by:
Further legislative and regulatory action is needed to clear the lingering haze around the banking issue facing the U.S.’ legalized cannabis industry, despite the recent passage of a landmark bill...
Suspicious Activity Reporting A One-Way Street, U.S. Banks Say
30th Sep 2019 | Written by:
U.S. regulators have been urged to provide better feedback to financial institutions on suspicious activity reports, with current arrangements facing criticism for being too informal and small-scale.
U.S. Casinos Expected To Leverage All Tools in AML Fight
17th Sep 2019 | Written by:
With a largely transient customer base and cash-centric business model, casinos are on the front lines of the fight against money laundering — but with unique methods of gathering information at...
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