Archives

August 25, 2026 @ 12:24 pm By Omar Faridi  |  

In a recent filing with federal regulators, US banking associations have called for stronger customer identification standards to cover more of the stablecoin ecosystem. The Bank Policy Institute (BPI), working jointly with The Clearing House Association, submitted comments on a proposed rule from the Financial… Read More

August 13, 2026 @ 11:54 am By JD Alois  |  

The US Department of the Treasury, Financial Crimes Enforcement Network (FinCEN), has reversed requirements that mandated individuals to report beneficial ownership in companies. The final rule will become effective after it is published in the Federal Register. The rule adopts what was proposed this past… Read More

June 19, 2026 @ 8:47 am By Omar Faridi  |  

Federal agencies are moving forward with rules that would require stablecoin issuers to verify customer identities in a manner closely aligned with longstanding requirements for traditional banks. The joint proposal, released on June 18, 2026, implements key provisions of the Guiding and Establishing National Innovation… Read More

December 22, 2025 @ 8:09 pm By Omar Faridi  |  

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has assessed a $3,500,000 civil money penalty against Paxful, Inc. and Paxful USA, Inc. (collectively doing business as, Paxful) for its (alleged) willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering… Read More

October 16, 2025 @ 4:41 pm By JD Alois  |  

The US Department of the Treasury and the UK’s Foreign, Commonwealth, and Development Office (FCDO) have jointly taken action to address a pig butchering operation in Cambodia. The online affinity scams frequently utilize crypto to steal funds from their targets. Treasury’s Office of Foreign Assets… Read More

October 10, 2025 @ 3:53 pm By JD Alois  |  

Financial services firms are required to issue Suspicious Activity Reports (SARs) when they suspect money laundering or other illicit activities. This includes transactions of around $10,000 or structured transactions that break up the movement of money. A bank must file a SAR no later than… Read More

March 12, 2025 @ 5:20 pm By JD Alois  |  

FinCEN, the enforcement arm of the US Department of Treasury, is taking an interesting approach to battling nefarious activities occurring the the US. According to a public statement, FinCEN is gunning for Mexican cartels who utilize money services businesses in the Southwest of the country…. Read More

September 27, 2024 @ 9:34 am By Omar Faridi  |  

On September 26, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Russia-based exchange Cryptex and Sergey Sergeevich Ivanov (a.k.a. UAPS a.k.a TALEON), who facilitated laundering “for fraud shops, ransomware payments, darknet markets, and other criminal actors.” Following these developments,… Read More

November 27, 2023 @ 12:13 pm By JD Alois  |  

The Financial Crimes Enforcement Network (FinCEN), part of the US Department of Treasury, has partnered with 12 other global regulatory agencies to form the Counter Terrorist Financing Taskforce – Israel (CTFTI). The members include, Australia, Canada, Estonia, France, Germany, Israel, Liechtenstein, Luxembourg, the Netherlands, New… Read More

October 20, 2023 @ 1:33 pm By JD Alois  |  

FinCEN has issued a statement on funding of the terrorist Hamas group following the atrocities the group perpetrated in Israel. FinCEN urged financial services firms to be vigilant in any activity that may be used to fund Hamas. This is inclusive of virtual asset service… Read More

October 17, 2022 @ 3:54 pm By JD Alois  |  

Last week, it was reported that Bittrex was the target of an enforcement action emanating from the US Department of Treasury. Two divisions at Treasury, the Office of Foreign Assets Control (OFAC) and The Financial Crimes Enforcement Network (FinCEN) announced enforcement actions. The crypto trading… Read More

March 8, 2022 @ 10:45 am By JD Alois  |  

Yesterday, FinCEN, the enforcement branch of the US Department of Treasury, posted an Alert on “Increased Vigilance for Potential Russian Sanctions Evasion Attempts.” Russia, along with Belarus, have been targeted with economic sanctions designed to pressure these countries following the unprovoked invasion of Ukraine. FinCEN… Read More

December 17, 2021 @ 1:59 pm By Omar Faridi  |  

The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions to combat money laundering, terrorist financing, and other financial crimes, is issuing a request for information (RFI) “seeking comments on ways to… Read More

March 12, 2021 @ 10:57 am By JD Alois  |  

While there is a good amount of discourse regarding the risk of digital assets and the ability for bad actors to use crypto to launder money or perhaps finance illicit activities FinCEN recently indicated their attention in a more tactile direction. Earlier this week, FinCEN… Read More

January 26, 2021 @ 8:00 pm By JD Alois  |  

FinCEN has submitted for publication in the Federal Register an Extension Notice, which will extend the comment period on its Notice of Proposed Rulemaking (NPRM) regarding certain transactions involving virtual currency or digital assets. FinCEN, part of the US Department of Treasury, came under criticism… Read More

January 5, 2021 @ 10:05 am By JD Alois  |  

FinCEN, part of the US Department of Treasury, is in the process of creating rules that will impact the digital asset ecosystem. FinCEN is seeking to address the illicit activity in the “convertible virtual currency” (CVC) sector and the “anticipated growth” of “legal tender digital… Read More

December 19, 2020 @ 12:29 pm By Omar Faridi  |  

On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) published a proposed rule change for digital currency transactions with “unhosted” wallets. Under the newly proposed change, banking institutions, and money services businesses (MSBs) may be required to verify customers’ identities and turn in reports… Read More

February 13, 2020 @ 11:58 pm By Omar Faridi  |  

Jamal El-Hindi, deputy director at the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department that analyzes information about financial transactions in order to prevent illicit activities, is calling on firms interested in bridging the cryptocurrency space with social media networks and… Read More