Category: FinCEN

KuCoin pleads guilty in the USK
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January 28, 2025

KuCoin Pleads Guilty: $297M Settlement and Management Changes in U.S. Crypto Crackdown!

Seychelles-based KuCoin, one of the largest crypto exchanges globally, pleaded guilty in the U.S. to operating an unlicensed money transmitting business and agreed to pay $297 million in fines and forfeitures. The settlement highlights failures in anti-money laundering (AML) and compliance practices, forcing KuCoin to exit the U.S. market for two years.
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US decision to enforce anti-money laundering lawU
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December 27, 2024

U.S. Appeals Court Reinstates Corporate Transparency Act Enforcement

On December 23, 2024, the 5th U.S. Circuit Court of Appeals lifted a nationwide injunction, allowing the enforcement of the Corporate Transparency Act (CTA). This 2021 law mandates that corporations and limited liability companies disclose their beneficial owners to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN).
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Money-laundering charges against TD BankB
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October 11, 2024

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.
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Parex Banka whistleblowerU
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October 7, 2024

US Treasury Forgives Ukraine Looters!

On 26 September 2024, the United States Treasury’s Financial Crimes Enforcement Network ‘FinCEN’ made the astonishing decision to drop sanctions against ABLV Bank of Latvia. ABLV was sanctioned in 2018 for a list of reasons, including helping Ukrainian President Viktor Yanukovich’s bagman, Serhiy Kurchenko, steal billions of dollars from Ukraine.
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German prosecutors charge P2P with money launderingN
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May 13, 2024

New SEC and FinCEN Rule Aims to Bolster AML Efforts in the Investment Adviser Sector

The U.S. SE) and the U.S. FinCEN have introduced a new regulatory proposal aimed at enhancing anti-money laundering (AML) and countering the financing of terrorism (CFT) protocols within the investment adviser sector. This proposal mandates SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to develop comprehensive Customer Identification Programs (CIPs).
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OFAC joins the FinCEN wistleblower programO
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April 28, 2024

OFAC to Leverage FinCEN Whistleblower Incentive Program for Sanctions Violations Enforcement

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has signaled a significant shift in its enforcement strategy by referencing the Financial Crimes Enforcement Network's (FinCEN) whistleblower program in two recent enforcement actions. This move indicates a growing reliance on whistleblowers to unearth potential sanctions violations, highlighting the escalating stakes for companies under U.S. economic sanctions regulations.
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Russia pilots a new crypto KYC systemC
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April 26, 2024

CyberFinance: Russia Advances in Crypto-Fiat Regulation with New Detection System

As jurisdictions worldwide grapple with integrating cryptocurrency into their regulated financial systems, Russia has taken a notable step forward by developing a new crypto-fiat detection system. This initiative underlines the growing significance of cryptocurrency within the global cyberfinancial system. It seems to be becoming clear to politicians and regulators that crypto has come to stay and that they need to address the specifics accordingly.
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FBI warns against unregistered crypto money businessesA
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April 26, 2024

Attention: FBI Issues Warning on Unregistered Crypto Money Transmitting Services!

High-risk segment merchants increasingly use crypto payment processors to process payments. On Thursday, the U.S. Federal Bureau of Investigation (FBI) cautioned Americans about the risks of using crypto services from companies not registered as Money Services Businesses (MSBs) under federal law. This warning highlights a crucial aspect of the regulatory framework governing financial transactions in crypto.
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Block co-founder and CEO Jack DorseyW
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February 19, 2024

Whistleblower Initiated Investigation Against Jack Dorsey’s Cash App Over Money Laundering And Offshore Gaming Facilitation!

U.S. Federal authorities are delving into allegations that Cash App, a widely-used payment application, may have failed to implement effective procedures for verifying the true identity of its users, potentially facilitating money laundering and terrorist financing. This scrutiny follows claims from two whistleblowers, who assert that Cash App and its transaction service providers have conducted insufficient customer due diligence.
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FinCEN headquartersF
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February 14, 2024

FinCEN Rolls Out New AML Regulations for Investment Advisers In The United States!

In a stride towards bolstering the United States' defenses against financial crimes, the Financial Crimes Enforcement Network (FinCEN), under the U.S. Treasury Department, introduced new regulations targeting investment advisers. This move mandates investment advisers to establish anti-money laundering (AML) programs and report suspicious activities, marking a pivotal moment in the Biden administration's ongoing campaign against illicit finance.
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SEC Whistleblower ProgramU
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February 8, 2024

U.S. Whistleblower Programs Send Clear Signal To Financial Wrongdoers!

The U.S. Attorney’s Office for the Southern District of New York (SDNY) unveiled its Whistleblower Pilot Program on January 10, 2024, a strategic effort to..
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FinCEN logoM
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February 1, 2024

Money Laundering In The United States: The Kingdom Trust Case!

Kingdom Trust, a small South Dakota company, quietly navigated the unexciting realm of individual retirement account custodianship. During the mid-2010s, it began courting a markedly different clientele: obscure firms from notorious offshore havens struggling to secure U.S. accounts. In April 2023, FinCEN announced a $1.5 million civil money penalty on Kingdom Trust for willful violations of the Bank Secrecy Act (BSA). It was FinCEN’s first enforcement action against a trust company.
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