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This section covers AML/CTF initiatives by the US Treasury, US DoJ, OCC, FinCEN, SEC and other related US organisations.
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FinCEN reinstates 21 March 2025 deadline for beneficial ownership filings as Texas judge lifts AML law block
Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies. FinCEN will assess its options for further modifying deadlines…
US DOJ convicts Las Vegas business owner in $24M cryptocurrency Ponzi scheme targeting over 400 investors
A Las Vegas entrepreneur was convicted of fraud and money laundering for running a $24M cryptocurrency Ponzi scheme, deceiving over 400 investors with false claims of AI-powered crypto mining, guaranteed 30% returns, and FDIC-backed security. Prosecutors revealed Brent Kovar, 58, misused investor funds for luxury expenses and fake repayments while using fraudulent marketing to lure victims…
US DoJ sentences founder of Miami-based cryptocurrency token CluCoin to 27 months for wire fraud, with $1.14m in restitution and asset forfeiture
Initially focused on charity Taylor later shifted CluCoin’s focus to NFTs, gaming, and a metaverse platform. To drive interest, he organized “NFTCon: Into the Metaverse” in Miami in April 2022. Following the event, Taylor accessed the funds from CLU investors and transferred approximately $1.14 million to his personal account, which he lost gambling at online casinos. The FBI investigated the case with Assistant US Attorneys prosecuting and handling…
US DoJ convicts two Estonian nationals for operating a multi-faceted cryptocurrency Ponzi scheme, defrauding hundreds of thousands worldwide in a $577 million fraud
The dashboard displayed fake profit data while founders spent the proceeds on luxury properties, vehicles, and investments. They have agreed to forfeit over $400 million in assets which will be used to compensate victims through a remission process. Both pleaded guilty to conspiracy to commit wire fraud and face up to 20 years in prison, with sentencing scheduled for May 8. The investigation was supported by Estonian authorities…
FinCEN imposes $37m civil money penalty against Brink’s Global Services USA, for BSA violations over bulk cash shipments lacking effective AML controls
Brink’s failed to register as a money services business, lacked an effective AML program, and did not file suspicious activity reports. These violations enabled hundreds of millions in bulk currency to be transmitted across the Southwest Border for high-risk entities, including a Mexican currency exchanger involved in illicit activities. This is FinCEN’s first action against an armored car company, highlighting its commitment to protecting the U.S. financial system from money laundering.
US FDIC urges FinCEN to revise customer identification program rules, allowing banks to collect partial social security numbers for account opening to align with fintech verification methods
Acting Chairman Travis Hill has sent a letter to the (FinCEN) advocating for greater flexibility in certain Customer Identification Program requirements for bank-fintech partnerships. Specifically, Hill supports allowing the collection of just the last four digits of a Social Security number from customers, as is currently allowed for credit card users. Federal authorities have already permitted this approach for credit card customers, and I believe it should be…
US DOJ fines Global Cryptocurrency Exchange BitMEX $100m for violating the Bank Secrecy Act, and failing to establish, implement, and maintain an adequate AML/KYC programme
BITMEX and its executives knowingly violated U.S. laws by failing to implement mandatory AML and KYC programs, instead allowing U.S. customers to access their platform with minimal verification, prioritising revenue over compliance…
US Attorney General’s Memorandum on ‘Total Elimination of Cartels and Transnational Criminal Organisations’, outlines key policy shifts, including the disbanding of the KleptoCapture Task Force
Among the changes are directives to (1) eliminate the KleptoCapture Task Force and the Kleptocracy Asset Recovery Initiative (KARI); (2) prioritize Foreign Corrupt Practices Act (FCPA) and Foreign Extortion Prevention Act (FEPA) investigations that are related to foreign bribery that facilitates the criminal operations of cartels and transnational criminal organizations (TCOs); (3) shift focus away from FCPA and FEPA investigations and cases that do not involve such a connection; and (3) remove the “bureaucratic impediment” requiring …
FINRA 2025 Annual Regulatory Oversight Report, highlight new contents provides updates on AI and investment fraud by bad actors that directly targets investors
Highlights key compliance risks and regulatory updates for member firms, including emerging risks like third-party cybersecurity threats, AI implementation, and extended hours trading.
White House unveils first steps toward new policies supporting cryptocurrencies and digital financial technology
The new administration has promised to provide clear regulatory guidance regarding cryptoassets to promote innovation, in a marked shift from the risk-focused approach under its predecessor. A new executive order revokes all of the Biden administration’s digital asset policies and emphasizes promoting open blockchain networks and dollar-backed stablecoins. It also prohibits U.S. central bank digital currencies and ordered a study of a possible federal strategic cryptocurrency reserve…
US DoJ convicts man for conspiracy to commit insurance fraud, ML, filing false tax returns and identity theft
Court documents revealed that Wilson conspired with others to fraudulently obtain over 30 life insurance policies by misrepresenting applicants’ health, wealth, and existing coverage over US $20 million in death benefits. He also defrauded investors to fund premiums on these fraudulent policies and concealed proceeds through multiple bank accounts. Wilson filed false tax returns to hide millions in fraud proceeds…
Reuters: Donald Trump signed an executive order to establish a cryptocurrency working group focused on new regulations and exploring a national crypto stockpile
The order also ensures banking services for crypto firms and bans central bank digital currencies (CBDCs) to prevent competition with cryptocurrencies. Additionally the SEC rescinded a costly crypto asset guidance, responding to industry pressure. The move contrasts sharply with the Biden administration’s crackdown on crypto exchanges, earning praise from the industry…