Tagged: fincen

July 26, 2018 @ 12:32 pm By JD Alois  |  

There is a new bill that has been introduced into the House Financial Services Committee that is targeting “virtual currencies” and terrorism. Sponsored by Representative Ed Perlmutter, HR 6411 or the “FinCEN Improvement Act of 2018” appears to expand the reach of FinCEN which is the… Read More

June 4, 2018 @ 6:47 am By Shaswat K. Das and Richard S. Garabedian  |  

Over the past few years, continued advancements in the payments industry and financial services technology have significantly expanded the way money financial transactions are processed and managed.  Banks and payment and technology firms are accelerating efforts to innovate and adapt financial services alternatives to meet… Read More

March 11, 2018 @ 10:56 am By JD Alois  |  

The US Department of Treasury, Financial Crimes Enforcement Network (FinCEN), recently sent a letter to US Senator Ron Wyden clarifying its stance on cryptocurrency exchanges that these entities must register as Money Services Businesses (MSBs). While the letter from FinCEN signed by Assistant Secretary for… Read More

June 3, 2016 @ 2:15 pm By JD Alois  |  

FinCEN, a bureau of the Department of the Treasury, has proposed changing the regulatory definition of a “broker or dealer in securities.”  The proposed amendment will impact crowdfunding portals as created under the JOBS Act of 2012.  According to FinCEN; “these amendments would require funding… Read More

May 4, 2016 @ 12:09 pm By JD Alois  |  

Last month the US Department of Treasury, Division of Financial Crimes and Enforcement Network (FinCEN), announced a proposed rule change that will impact Reg CF crowdfunding portals. Now the concept of a crowdfunding portal is a new approach that was legalized under the JOBS Act… Read More

October 18, 2015 @ 5:09 pm By JD Alois  |  

The US Department of Treasury, via its FinCen or Financial Crimes Enforcement Network, is ringing warning bells when it comes to rewards based crowdfunding. FinCen notes a rise in “suspicious activity reports” (SARs). In a report published this past week, FinCen spotlighted rewards based crowdfunding… Read More