Ransomware-related SAR Filings Soar: FinCEN Report

New guidance issued by the Financial Crimes Enforcement Network (FinCEN), the Financial Intelligence Unit (FIU) of the United States, tackles the convergence of ransomware, cryptocurrencies, money laundering, and terrorist financing.

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EU Extends Ukraine Sanctions Program

The European Council has imposed sanctions on eight Ukrainian law enforcement officials for enforcing Russian law against opponents of the annexation of Crimea and Sevastopol.

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State of Supervision of Cryptoassets: A Must Read for Compliance Officers

Although aimed at supervisors, the BIS cryptoasset report is also a must read for compliance officers. It offers insights into how regulations are being drafted and implemented as well as how risks are being assessed in this fast-evolving industry. Those working in firms that offer crypto exchanges, service crypto exchanges or custody services will gain a greater understanding of what their regulators and supervisors are interested in. The report also highlights the challenges associated with operating in multiple jurisdictions, and provides a glimpse into possible future areas of regulation and enforcement.

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FinCEN’s Advance Notice for Antiquities Trade

On September 23, FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM) for organizations in the antiquities market. This is one of the first actions by FinCEN to implement section 6110 of the Anti-Money Laundering Act (AMLA).

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