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United States
This section covers AML/CTF initiatives by the US Treasury, US DoJ, OCC, FinCEN, SEC and other related US organisations.
USA PATRIOT ACT 2001
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US DOJ convicts man for cyber intrusion and $37m cryptocurrency theft conspiracies
According to court documents, in February of 2022, Light was involved in a cyber-intrusion involving an investment holdings company located in Sioux Falls, South Dakota. During the cyber-intrusion, Light stole customer personal identifiable information (“PII”) and then stole cryptocurrency worth over $37 million from nearly 600 victims. He acted with one or more unidentified perpetrators…
US DOJ updates its Evaluation of Corporate Compliance Programs, providing new guidance for prosecutors to assess the effectiveness of corporate compliance efforts
The update emphasizes key factors for evaluating compliance, including risk assessments, training programs, and the enforcement of policies. It also highlights the importance of a company’s culture in supporting compliance initiatives. The DOJ aims to promote stronger corporate governance and accountability through these guidelines…
FinCEN holds a virtual information session on beneficial ownership information reporting requirements and how to comply with the law
The Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) about who ultimately owns or controls them…
FinCEN releases Outreach and Education toolkit for beneficial ownership (BO) reporting to familiarise small business owners with BO reporting requirements
This toolkit provides resources to help educate small business owners on new beneficial ownership reporting requirements under the bipartisan Corporate Transparency Act. It includes customizable templates and sample content for easy adaptation…
US Treasury takes coordinated actions against illicit Russian virtual currency exchanges and cybercrime facilitator
Order identifies PM2BTC—a Russian virtual currency exchanger associated with Russian individual Sergey Sergeevich Ivanov (Ivanov)—as being of “primary money laundering concern” in connection with Russian illicit finance. Concurrently, OFAC is sanctioning Ivanov and Cryptex—a virtual currency exchange registered in St. Vincent and the Grenadines and operating in Russia.
FinCEN withdraws its findings and notice of proposed rulemaking regarding ABLV Bank, AS
On February 16, 2018, FinCEN issued an NPRM that set forth FinCEN’s findings of money laundering concern regarding ABLV, a commercial bank located in Riga, Latvia, and proposed imposing special measure five under section 311, prohibiting covered financial institutions from opening or maintaining in the United States correspondent accounts for, or on behalf of, ABLV. This has now been withdrawn in recognition of improvements.
US DoJ and FBI seize more than $6m in alleged proceeds of a crypto-confidence scheme
Cryptocurrency confidence investment schemes begin by criminals contacting potential victims through seemingly misdirected text messages, dating applications, or professional meetup or investment groups. Next, using various means of manipulation, the criminal gains the victim’s affection and trust…
FBI’s 2023 Cryptocurrency Fraud Report reveals over $5.6 bn in reported losses due to cryptocurrency fraud, detailing various types of fraud such as scams and Ponzi schemes
In 2023, the FBI’s Internet Crime Complaint Center received more than 69,000 complaints from the public regarding cyber-enabled crime and financial fraud involving the use of cryptocurrency, with over $5.6 billion in reported losses. Criminal actors exploit cryptocurrencies for all schemes, to include tech support, confidence and romance, investment, and government impersonation scams. Investment fraud was the most reported cryptocurrency scheme in 2023, and also saw the most reported losses, with about $3.9 billion lost.
FinCEN releases a comprehensive analysis on check fraud linked to mail theft, reporting more than $688 Million in suspicious activity in the 6 months
FinCEN Director Andrea Gacki emphasized the importance of financial institutions BSA filings in combating mail theft-related check fraud, which affects communities nationwide. In collaboration with the U.S. Postal Inspection Service, FinCEN aims to raise awareness of this fraud, which impacts personal savings, business accounts, and financial institutions covering losses…
Antiquities Coalition: Loopholes in the art market once again pose risks to US economic integrity and national security
The US Department of Justice charged dual US-Russian citizens, with using art and antiques to launder over US $1 million and violate sanctions related to Russia’s 2022 invasion of Ukraine. The couple allegedly exploited the unregulated global art market to provide services to sanctioned Russian entities, This case highlights the growing scrutiny on financial crimes in the US art market, which remains largely exempt from AML regulations…
SEC Enforcement publishes the top four securities enforcement and litigation developments from July 2024, including actions related to cryptocurrency and activist short selling
The developments include: An action against an activist short seller related to his publishing of allegedly misleading research reports;
The dismissal of many of the SEC’s claims in the SolarWinds litigation; The SEC’s first litigated action relating to the operation of a liquid staking protocol; and A significant penalty imposed in an action brought against a bank and several of its senior officers for broad
compliance and oversight failure…
FinCEN has released final rules to protect the residential real estate and investment adviser sectors from illicit finance
FinCen has issued two final rules to address illicit finance risks in the residential real estate and investment adviser sectors. The residential real estate rule mandates reporting of high-risk non-financed transfers to increase transparency, while the investment adviser rule imposes AML/CFT requirements on certain advisers to address regulatory gaps. These measures part of anti-corruption strategy, aim to close loopholes exploited by criminals…