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FINTRAC updates a slew of guidance documents

Updates to guidance on FINTRAC’s website We wish to inform all reporting entities subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations of recent updates to the following guidance on FINTRAC’s website: Reporting large virtual currency transactions (LVCTRs) to FINTRAC In September 2021, […]

OFAC publishes Virtual Currency Sanctions Compliance Guidance (& 2 updated FAQs)

Publication of Sanctions Compliance Guidance for the Virtual Currency Industry and Updated Frequently Asked Questions Release date10/15/2021Body The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is publishing an industry-specific brochure, “Sanctions Compliance Guidance for the Virtual Currency Industry,” as a resource to help members of the […]

HKMA Whitepaper on Retail CBDCs

04 Oct 2021 Technical Whitepaper on Retail Central Bank Digital Currency The Hong Kong Monetary Authority (HKMA) today (4 October) released a technical whitepaper on retail central bank digital currency (CBDC), titled “e-HKD: A technical perspective” (the Whitepaper). The HKMA announced the “Fintech 2025” strategy in June this year, one […]

BIS & HKMA sees potential of CDBCs

28 Sep 2021 Joint research on multiple central bank digital currency (CBDC) shows potential for speeding up cross-border payments and reducing costs Together with the Hong Kong Centre of the Bank for International Settlements Innovation Hub (BISIH), the Bank of Thailand, the Digital Currency Institute of the People’s Bank of […]

FinCEN Enforcement Action – BitMEX pays $100,000,000 for Willful BSA Violations

FinCEN Announces $100 Million Enforcement Action Against Unregistered Futures Commission Merchant BitMEX for Willful Violations of the Bank Secrecy Act ContactOffice of Strategic Communications, 703-905-3770Immediate ReleaseAugust 10, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penaltyin the amount of $100 million against BitMEX, one of the oldest and […]

A Meeting for Very Stable(coin) Geniuses

PRESS RELEASES Secretary of the Treasury Janet L. Yellen to Convene a Meeting of the President’s Working Group on Financial Markets to Discuss Stablecoins July 16, 2021 WASHINGTON — Today, Secretary of the Treasury Janet L. Yellen announced plans to convene the President’s Working Group on Financial Markets (PWG), in […]

July 15, 2021: FinCEN invites you to talk ransomware in August

Second FinCEN Exchange on Ransomware to Take Place in August ContactOffice of Strategic Communications, 703-905-3770Immediate ReleaseJuly 15, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced it will convene a FinCEN Exchange in August 2021 with representatives from financial institutions, other key industry stakeholders, and federal government agencies to discuss ongoing […]

FinCEN: You can’t regulate what you don’t fully understand, so…

FinCEN Welcomes First-Ever Chief Digital Currency Advisor and First Director of Strategic Communications ContactOffice of Strategic Communications, 703-905-3770Immediate ReleaseJuly 06, 2021 WASHINGTON—Financial Crimes Enforcement Network (FinCEN) Acting Director Michael Mosier today announced leadership additions to the bureau.  Michele Korver, who led a distinguished career at the United States Department of Justice, […]