Tagged: fincen

March 27, 2025 @ 6:25 am By Omar Faridi  |  

Fenergo, the provider of AI-powered solutions for Know Your Customer (KYC), Anti-Money Laundering (AML) and Client Lifecycle Management (CLM), announced that it has partnered with Aduro Advisors, LLC, a  US-based fund administrator serving venture capital and private equity firms. This collaboration reinforces Aduro’s commitment to… Read More

March 12, 2025 @ 5:20 pm By JD Alois  |  

FinCEN, the enforcement arm of the US Department of Treasury, is taking an interesting approach to battling nefarious activities occurring the the US. According to a public statement, FinCEN is gunning for Mexican cartels who utilize money services businesses in the Southwest of the country…. Read More

March 5, 2025 @ 3:06 pm By Omar Faridi  |  

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Iran-based Behrouz Parsarad, the sole administrator of Nemesis, an online darknet marketplace, which was subject of an international law enforcement operation and “was taken down in 2024.” Prior to its takedown by… Read More

January 29, 2025 @ 9:39 pm By Omar Faridi  |  

Carta has noted that on January 23, 2025, the Supreme Court made a ruling that allows the Financial Crimes Enforcement Network (FinCEN) to continue enforcing the Corporate Transparency Act’s (CTA) beneficial ownership information report (BOIR) filing requirements. Carta pointed out that FinCEN has since issued… Read More

September 27, 2024 @ 9:34 am By Omar Faridi  |  

On September 26, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Russia-based exchange Cryptex and Sergey Sergeevich Ivanov (a.k.a. UAPS a.k.a TALEON), who facilitated laundering “for fraud shops, ransomware payments, darknet markets, and other criminal actors.” Following these developments,… Read More

June 1, 2024 @ 10:38 am By Tony Zerucha  |  

The American Fintech Council, an association representing Fintech companies and BaaS banks, has submitted a response to the US Department of Treasury, Financial Crimes Enforcement Network (FinCEN) Request for Information (RFI) related to existing requirements for banks under the Customer Identification Program (CIP) Rule. The… Read More

November 27, 2023 @ 12:13 pm By JD Alois  |  

The Financial Crimes Enforcement Network (FinCEN), part of the US Department of Treasury, has partnered with 12 other global regulatory agencies to form the Counter Terrorist Financing Taskforce – Israel (CTFTI). The members include, Australia, Canada, Estonia, France, Germany, Israel, Liechtenstein, Luxembourg, the Netherlands, New… Read More

November 21, 2023 @ 5:09 pm By JD Alois  |  

As was reported earlier today, Binance has settled charges in a comprehensive manner, paying total penalties of $4.3 billion, described as the largest settlement of its kind ever. Binance is noted as the largest crypto exchange in the world, handling approximately 60% of centralized digital… Read More

October 20, 2023 @ 1:33 pm By JD Alois  |  

FinCEN has issued a statement on funding of the terrorist Hamas group following the atrocities the group perpetrated in Israel. FinCEN urged financial services firms to be vigilant in any activity that may be used to fund Hamas. This is inclusive of virtual asset service… Read More

June 22, 2023 @ 3:31 pm By JD Alois  |  

Detractors of digital assets, or crypto, typically point to the utilization of crypto to pursue nefarious activities such as money laundering. Rules exist for financial transactions regarding “know your customer” (KYC) and “anti-money laundering” (AML), but they are enforced to various degrees depending on the… Read More

January 18, 2023 @ 4:42 pm By JD Alois  |  

“Fueled a high-tech axis of cryptocrime.” The US Department of Justice (DOJ) has announced the arrest of Anatoly Legkodymov, 40, a Russian national who resides in Shenzhen, China, as the founder and operator of Bitzlato, a crypto exchange the feds have alleged to have processed… Read More

October 17, 2022 @ 3:54 pm By JD Alois  |  

Last week, it was reported that Bittrex was the target of an enforcement action emanating from the US Department of Treasury. Two divisions at Treasury, the Office of Foreign Assets Control (OFAC) and The Financial Crimes Enforcement Network (FinCEN) announced enforcement actions. The crypto trading… Read More

October 11, 2022 @ 11:23 am By JD Alois  |  

The US Department of Treasury has revealed two enforcement actions against the crypto exchange Bittrex. According to a statement issued by Treasury, Bittrex has settled for $24 million with the Office of Foreign Assets Control (OFAC) and for $29 million with Financial Crimes Enforcement Network… Read More

April 28, 2022 @ 8:51 am By JD Alois  |  

The House Committee on Financial Services has a busy day planned. Frist, a full Committee hearing is scheduled to address “Oversight of the Financial Crimes Enforcement Network”  or FinCEN. FinCEN is the enforcement arm of the US Department of Treasury. Himamauli “Him” Das, Acting Director… Read More

March 8, 2022 @ 10:45 am By JD Alois  |  

Yesterday, FinCEN, the enforcement branch of the US Department of Treasury, posted an Alert on “Increased Vigilance for Potential Russian Sanctions Evasion Attempts.” Russia, along with Belarus, have been targeted with economic sanctions designed to pressure these countries following the unprovoked invasion of Ukraine. FinCEN… Read More

March 8, 2022 @ 9:14 am By JD Alois  |  

Multiple reports are claiming that the White House will issue an Executive Order on cryptocurrency at some point this week. The news follows days of concern from some policymakers that Russia and its elites may leverage crypto to evade the growing list of economic sanctions…. Read More

February 5, 2022 @ 12:26 pm By JD Alois  |  

Yesterday, the US Department of Treasury issued a statement on illicit activity in the “high-value art market.” More specifically, activities that include money laundering and terrorist financing risks. The study found that while there is some evidence of money laundering risk in the high-value art… Read More

December 22, 2021 @ 10:20 pm By Tony Zerucha  |  

2022 could see aggressive movement by some federal agencies, an experienced industry hand suggests. Joseph Lynyak III is a partner at the international law firm Dorsey & Whitney and one of the nation’s foremost experts in the country on the Consumer Financial Protection Bureau (CFPB),… Read More

December 17, 2021 @ 1:59 pm By Omar Faridi  |  

The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions to combat money laundering, terrorist financing, and other financial crimes, is issuing a request for information (RFI) “seeking comments on ways to… Read More

August 12, 2021 @ 10:59 am By Omar Faridi  |  

Crypto is “changing,” and BitMEX is “changing with it” according to Alexander Höptner, the CEO at the Bitcoin Mercantile Exchange. In a blog post dated August 10, 2021, the team at BitMEX revealed that they’ve reached a “resolution” with the US Commodity Futures Trading Commission… Read More