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Weekly Roundup: FinCEN Issues Foreign MSB Guidance, Bitcoin Exchange Shuts Down Over Regulatory Concerns, and More
printThe U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) disclosed enforcement actions against three banks Friday. The agency ordered Edinburg, TX-based First National Bank to implement a written Bank Secrecy Act (BSA) program and bolster its customer identification and due diligence procedures, among other changes. More Connecticut-based Naugatuck Valley Savings and Loan agreed to better identify risky clients and develop sanctions screening for non-customers. More The OCC entered into an agreement with Oakland Park, FL-based American National Bank, requiring the bank to improve its transactional monitoring and suspicious activity reporting controls. More The Treasury Department's Financial Crimes...
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The second installation of a two-part story on how the Bitcoin market is changing under the scrutiny of federal and state officials.
Even as the use of Bitcoin grows, the differences in opinion about the risks the digital currency poses only seems to get larger.
When FinCEN issued its innocuously entitled guidance, "Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies" in March, an already speculative currency may have received its death blow.
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France updated its blacklist list of jurisdictions deemed to be uncooperative in tax matters, Associated Bank spent $5 million in the first quarter of this year to comply with an enforcement action related to AML violations, and more, in this week's roundup.
Transparency International is calling on the European Union to strengthen controls on beneficial ownership reporting, Jamaica will boost its AML laws and regulations in order to meet Financial Action Task Force standards, and more, in this week's roundup.
German auto maker Daimler AG learned that it remained a target for foreign bribery charges by the U.S. Justice Department, an alleged Russian arms dealer who was the inspiration for the movie "Lord of War" was sentenced to 25 years in prison, and more, in the weekly roundup.
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The Philippines Senate delayed the approval of amendments to its principal AML law despite pressure from FATF to upgrade its regime, convicted Ponzi schemer Allen Stanford lost his bid for a new trial after being convicted earlier this month, and more, in this week's roundup.
JPMorgan Chase drops a Milan account for the Holy See, Beijing police freeze nearly $800 million tied to at least six "underground" banks, and more.
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Weekly Roundup: White House Blacklists Japanese Gang Leaders, FinCEN Extends FBAR Deadline, and More
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Ireland's central bank announced its top ten priorities for 2012, Thailand faces potential Financial Action Task Force blacklisting, and more, in the midweek roundup.
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