FinCEN and U.S. Department of Justice Lay Groundwork of Notice on Digital Currency Ecosystem

FinCEN and U.S. Department of Justice Lay Groundwork of Notice on Digital Currency Ecosystem

Over the past several years, Financial Crimes Enforcement Network (FinCEN), the Office of Comptroller of Currency (OCC), and the U.S. Department of Justice (DOJ) have issued numerous civil money penalties and enforcement actions to the traditional banking sector for failing to implement an effective anti-money laundering (AML) program reasonably designed to detect suspicious activity. To read more… more

Integrated Identity Verification and Transaction Monitoring for Digital Currency Companies

For years, financial institutions have struggled to develop and implement integrated identity verification, transaction monitoring, and reporting infrastructure.  Typically, financial institutions and non-bank financial institutions, including money service businesses (MSBs) have implemented disparate AML and anti-fraud systems absent an integrated enterprise risk management framework.  In today’s marketplace, financial institutions and MSBs need to be proactive and address… more