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Midweek Roundup: NY Regulator Probes Bitcoin Companies, Singapore Boosts CFT Regime, and More
printThe New York Department of Financial Services (NYDFS) issued approximately two dozen subpoenas to Bitcoin-related businesses seeking information about their anti-money laundering programs and other issues, according to Sunday's Wall Street Journal. Coinbase Inc., BitInstant and Coinsetter are among the companies that received subpoenas. More On Monday, the NYDFS said it wants to develop guidelines for the regulation of Bitcoin and other virtual currency in an effort to combat their "cloak of anonymity." More The Office of Foreign Assets Control dinged VISA International Service Association (Visa) on Tuesday for Iran-related sanctions violations. OFAC issued a Finding of Violation for Visa's...
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Turned away by American banks, some U.S.-based digital currency companies are using foreign bank accounts to send their proceeds back into the United States to pay employees and clients.
New York States financial regulator will soon hold a public hearing to determine whether it should license digital currency companies that comply with regulations aimed at money launderers and fraudsters.
Belgian authorities raided the homes of 20 HSBC customers as part of an tax evasion investigation, Swiss authorities furthered loosened bank secrecy standards, and more, in the midweek roundup.
Ireland's central bank fined XA MPS Financial Limited approximately $67,580 for AML violations, a court sentenced former Greek Defense Minister Akis Tsochadzopoulos to 20 years in prison for money laundering, and more, in the midweek roundup.
Finra fined a Columbus, OH-based firm $50,000 for AML violations, Bangladesh's FIU published a 1-year long AML action plan, and more, in the midweek roundup.
A New York art dealer pleaded guilty to money laundering and tax offenses, Brazil's Supreme Court voted 6-5 to accept the appeal of defendants found guilty of Brazil's largest political corruption case, and more, in the midweek roundup.
Nearly all digital coins studied by researchers at the University of California in San Diego were used to purchase goods from a black market Web site selling illicit goods, a recent study found.
Bangladeshi officials are set to file tax evasion charges against a Nobel Peace Prize winner, the NCUA issued an enforcement action against North Dade Community Development Federal Credit Union for BSA violations, and more, in the midweek roundup.
As digital currencies like Bitcoin continue to gain popularity, banks may have to train their compliance officers on the technical means to trace such money movements, according to Daniel Wood, an assistant general counsel with the Texas Department of Banking.
Egypt's ouster of Mohamed Mursi's government has indefinitely stalled plans to return looted Egyptian assets held in Swiss bank accounts, Liechtenstein has adopted a draft law that revises the nation's bilateral double taxation agreement with Austria, and more, in the midweek roundup.
The second installation of a two-part story on how the Bitcoin market is changing under the scrutiny of federal and state officials.
Iran is increasing its importation of alumina from China and India, Interpol is forming a task force to assist the repatriation of money stolen by the deposed government of Colonel Moammar Gadhafi, and more, in the midweek roundup.
Even as the use of Bitcoin grows, the differences in opinion about the risks the digital currency poses only seems to get larger.
The FBI is probing software company Ebix Inc. for suspected money laundering, a group of 76 U.S. senators urged President Obama to implement tougher sanctions against Iran, and more, in the midweek roundup.
Sixteen of HSBC's Irish clients have agreed to settlements with Ireland's tax authority for hiding millions of dollars in taxable assets, a former executive assistant at Citibank was sentenced to over four years in prison for money laundering, and more, in the midweek roundup.
The Swiss Federal Criminal Court stopped the transfer of banking data to Italy on the grounds the information sharing violated the rights of nine people accused of money laundering, the U.S. Treasury Department designated two Mexican nationals for their ties to Los Zetas cartel, and more.
The United Kingdom could ban bearer shares, the Reserve Bank of India fined 22 banks for AML violations, and more, in the midweek roundup.
A French probe into HSBC has uncovered $5 billion in undeclared assets, HMRC advised U.K-based exchangers of Bitcoin that they do not have to register as money services businesses, and more, in the midweek roundup.
New York District Judge John Gleeson signed off on HSBC's $1.9 billion deferred prosecution agreement, Italian prosecutors have concluded a money laundering investigation of two former Vatican managers and will likely indict, and more, in the midweek roundup.