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MoFo Reenforcement The Enforcement Blog

Tag Archives: Anti-money laundering

AMLA Implementation: FinCEN Requests Input on Beneficial Ownership Rule

Posted in Regulatory Developments

Following the enactment of the Anti-Money Laundering Act of 2020 (AMLA), which encompasses the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN) published an Advance Notice of Proposed Rulemaking (ANPR) on April 5, 2021, to implement Section 6403 of the CTA, relating to beneficial ownership reporting. In the ANPR, FinCEN solicits comment within 30 days on… Read More

FinCEN Finalizes Customer Due Diligence Rule for Legal Entity Customers

Posted in Regulatory Developments

On May 11th, 2016, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury, published a Final Rule (the “Rule”) on customer due diligence after a four-year rulemaking process. The Rule requires covered financial institutions, including banks, money services businesses, broker-dealers, mutual funds, and commodities brokers, to enhance their customer due… Read More

“Firsts” for the World of Virtual Currencies

Posted in Electronic Payments, Regulatory Developments

There have been two recent virtual currency-related actions worthy of note: (1) the Financial Crimes Enforcement Network (“FinCEN”) announced its first civil enforcement action against a virtual currency exchanger, and (2) the New York Department of Financial Services (“NYDFS”) granted its first license to a Bitcoin exchange. This client alert reviews these recent virtual-currency-related actions and… Read More