Stablecoin participants and arrangements should register with FinCEN and comply with AML, sanctions, recordkeeping and reporting requirements.
December 31, 2020Under the proposed rule, FIs will have to keep records of customers' crypto transactions and counterparties, and whether they are using unhosted wallets.
December 24, 2020The legislation will establish reporting requirements on beneficial ownership information, which could effectively end anonymous shell companies in the US.
December 8, 2020Elliptic’s David Carlisle and Onchain Custodian’s El Lee discuss opportunities for the banking and cryptoasset industries to learn from one another in the fight against financial crime.
December 1, 2020Financial institutions will have to collect, retain, and transmit information related to any international transaction over $250, including those involving crypto assets.
October 26, 2020OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.
October 4, 2020Philrem and Werquick used local banks to wire funds for unidentified customers without identifying source of funds, the true beneficiary, or the purpose of the transactions.
September 24, 2020Among the potentially suspicious transactions were more than $174mn of possibly illicit funds that flowed through Australian banks.
September 22, 2020The SARs contained in the FinCEN Files flagged 1,781 transactions that flowed through Singapore as potentially suspicious.
September 22, 2020The trove of documents shows that the banks allowed $2tr to flow through the financial system despite having flagged the transactions as suspicious.
September 22, 2020