On December 15, 2022, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published an Operational Alert that lists terrorist activity financing indicators concerning domestic and international terrorist groups. Specifically aimed at businesses subject to the Proceeds of Crime […]
On December 7, 2022, the US Senate voted not to include the Establishing New Authorities for Businesses Laundering and Enabling Risks to Security (ENABLERS) Act in the 2023 defense budget. Initially introduced by a group of bipartisan lawmakers following the […]
On November 30, 2022, the Financial Action Task Force (FATF) issued its inaugural report on money laundering from fentanyl and synthetic opioids. Co-led by the US and Canada, the report includes recommendations for prosecutors and law enforcement authorities on countering […]
On November 21, 2022, Delaware drug trafficker, Omar Morales Colon, was sentenced to 45 years in prison for conspiracy to commit money laundering, conspiracy to distribute cocaine, and multiple other drug and money laundering offenses. Described by the court as […]
The Assistant Secretary for Terrorist Financing and Financial Crimes at the US Treasury, Elizabeth Rosenberg, has addressed the need for additional regulatory clarity and more public-private engagement between the government and the virtual assets industry. Rosenberg’s remarks follow the end […]
On November 15, 2022, the US-China Economic and Security Review Commission (USCC) released its annual report to Congress. Among the report’s concluding recommendations, the committee proposed creating a cross-agency body tasked with drafting sanctions against China in the event of […]
On November 9, 2022, the New York Department of Financial Services (DFS) proposed amendments to its Part 500 Cybersecurity Rules in response to increasingly sophisticated technologies and threats to financial institutions. Building on draft amendments released in July, the formally announced […]
Backed by investors such as Y Combinator and Kaszek, DolarApp was created to help solve the problem Latin American citizens face when trying to access banking in US dollars.
On November 7, 2022, the US Department of Justice (DOJ) announced that the Internal Revenue Service (IRS) had seized over 50,676 unlawfully obtained Bitcoin from defendant James Zhong. According to the press release, the defendant pled guilty to committing wire […]
From October 31 to November 1, 2022, the International Counter Ransomware Initiative (CRI) launched its second summit meeting to discuss the prevention of large-scale cyber attacks and money laundering via digital currencies. Present at the summit were representatives from 36 […]
On October 19, 2022, US prosecutors charged five Russian nationals and two oil traders with participating in schemes to evade US sanctions and export controls applicable to Russia. According to the press release, the charges were issued in coordination with […]
The Office of the Comptroller of the Currency (OCC) has stated that bank-FinTech partnerships “are here to stay.” Acting Comptroller of the Currency Michael J. Hsu’s announcement follows his warning that such arrangements can present an increased risk for the […]
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