In October 2021, the U.S. Financial Action Task Force (the “FATF”) issed Updated Guidance for a Risk Based Approach to Virtual Assets and Virtual Asset Providers and a summary of the guidance. In addition to a number of other updates, Part Two, Box 1, deals with so-called stablecoins. Stablecoins purport to maintain a stable relationship… Read more »
Posts Categorized: Anti-Money Laundering
N.Y. Attorney General Alleges Unregistered Dealers Selling Crypto Securities and Commodities
In a letter to five trading platforms, N.Y. Attoney General Letitia James notified them that certain crypto-assets are securities under the N.Y. law – the Martin Act – that requires sellers of securities within or from the state to register with the state. They are securities because they “promise a rate of return to investors,… Read more »
Anti-Money Laundering Act of 2020
On January 1, 2021, the U.S. federal Congress overrode then President Trump’s veto of the National Defense Authorization Act (the “NDAA”), effectively adopting the Anti-Money Laundering Act of 2020 and the Corporate Transparecy Act (together, the “Act”) incorporated within it. While the NDAA is very long, among many other things, the Act provides, largely by… Read more »
CFTC, FinCen and SEC Joint “Reminder” to Cryptocurrency World of AML Requirements
On October 11, 2019, the Commodity Futures Trading Commission (the “CFTC”), the Financial Crimes Enforcement Network (“FinCen”) of the U.S. Treasury and the Securities and Exchange Commission (the “SEC”) issued a joint statement reminding “persons engaged in activities involving digital assets of their anti-money laundering and countering of financing of terrorism (“AML/CFT”) obligations under the… Read more »
FinCEN Guidance on AML Customer Due Diligence Rules to Become Fully Effective May 11, 2018
The Finance Crimes Enforcement Network (“FinCEN”) of the U.S. Treasury Department, which oversees most of the federal anti-money laundering (“AML”) regulations, issued Customer Due Diligence (“CDD”) rules on May 11, 2016, that are to become fully effective on May 11, 2018. These rules apply to AML diligence to be done by covered U.S. financial institutions,… Read more »