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TD Bank, one of the largest financial institutions in the U.S., has agreed to pay a record $3 billion penalty, the largest ever under the Bank Secrecy Act, after pleading guilty to felony charges. The bank is the largest in U.S. history to plead guilty to Bank Secrecy Act program failures and the first to … Read more
New York’s financial regulator has a job opening for a Virtual Currency Senior Blockchain Analytics Analyst. The permanent position focuses on preventing financial crimes such as money laundering and fraud by ensuring compliance in the growing virtual currency sector. The role involves using blockchain analytics to monitor risks. Applications are due by Oct. 14. New … Read more
The US Federal Reserve said it identified “significant deficiencies” in the bank’s dealings with crypto clients and its risk management procedures. Go to Source
The US Treasury and Federal Reserve plan to redefine “money” used under the Bank Secrecy Act, aiming to include cryptocurrencies and digital assets in new reporting requirements. Go to Source
If the Justice Dept. prevails in the case against the cryptocurrency mixer, internet service providers and the post office may also be liable to transmitter requirements, they said. Go to Source
Brian Armstrong reflected on the announcement of criminal charges against Binance, stating that Coinbase’s decision to get licenses was correct. Go to Source
The commodities regulator handed out fines of $250,000, $200,000, and $100,000 respectively to the three firms in addition to cease and desist orders. Go to Source
Coin Center research director Peter Van Valkenburgh argued that crypto mixer Tornado Cash is an anonymizing software provider, not a money transmitter. Go to Source
A central bank digital currency (CBDC) may turn out to be the “single largest assault to financial privacy since the creation of the Bank Secrecy Act,” a policy analysis document released by CATO Institute has said. To stop the U.S. Federal Reserve and Treasury from threatening the financial system with the CBDC, the document said … Read more
The price of the crypto-focused bank Silvergate Capital’s shares fell by over 40% after it reported a more than $8 billion drop in customer deposits. The share price plunge came just days after U.S. prosecutors reportedly seized collapsed crypto exchange FTX’s accounts held at the bank. Alan Lane, the CEO of Silvergate, denied allegations that … Read more
