On December 7, 2021, the U.S. Treasury Department’s Financial Crimes Enforcement Network issued a highly-anticipated proposed rule that would implement key provisions of the Corporate Transparency Act, a law enacted earlier this year as part of the Anti-Money Laundering Act of 2020.
Money Transmission
Fintech Week in Review: Week of October 29 – November 2
By Sarah Howland on
U.S. Developments
Regulatory Updates
FinCEN Issues Advisory on FATF’s Updated Recommendations
On October 31, FinCEN published an advisory on the international Financial Action Task Force’s (FATF’s) updated list of jurisdictions with serious regulatory deficiencies in anti-money laundering and combatting the financing of terrorism (AML/CFT). The advisory focused on North Korea (DPRK) and Iran, and FinCEN reminded financial institutions of their obligations when dealing with those jurisdictions.…
Continue Reading Fintech Week in Review: Week of October 29 – November 2
Federal Bank Regulators Issue Joint Statement on Collaborative BSA/AML Compliance
By Sam Boro on
On October 3, 2018, a group of federal bank regulators and FinCEN announced in a joint statement that banks and credit unions could collaborate and share resources to manage their Bank Secrecy Act (“BSA”) and anti-money laundering (“AML”) obligations. A collaborative arrangement does not modify or abrogate any of the bank’s BSA/AML obligations, and the…
Fintech Week in Review: Week of September 10-17, 2018
By Rocio Palomo on
Posted in Industry Updates, Money Transmission
The following is a summary of Fintech specific related topics, for the Blockchain Week in Review, please visit our sister blog post at the Virtual Currency Report.
State Bank Regulators and NYDFS to renew litigation against OCC
On September 12, the Conference of State Bank Supervisors (“CSBS”) announced that it would…
Fintech Week in Review: Week of September 3 – 7, 2018
By Perkins Coie on
Posted in Money Transmission
The following is a summary of Fintech specific related topics, for the Blockchain Week in Review, please visit our sister blog post at the Virtual Currency Report.
Varo Bank Receives Preliminary Approval for a National Bank Charter
On September 4, the organizers of the fintech start up Varo Bank, N.A. announced that they…
Fintech in Review – Week of July 30 – August 3, 2018
By Perkins Coie on
Posted in Money Transmission, Regulatory Updates
The following is a summary of Fintech specific related topics, for the Blockchain Week in Review, please visit our sister blog post at the Virtual Currency Report.
OCC Begins Accepting National Bank Charter Applications from Financial Technology Companies
On July 31, the Office of The Comptroller of the Currency (“OCC”) announced that it…