Bank Secrecy Act – DIGIT INFO

TD Bank Makes History as First US Bank to Plead Guilty to Money Laundering Conspiracy

DIGIT — Mon, 14 Oct 2024 02:01:25 +0000

TD Bank, one of the largest financial institutions in the U.S., has agreed to pay a record $3 billion penalty, the largest ever under the Bank Secrecy Act, after pleading guilty to felony charges. The bank is the largest in U.S. history to plead guilty to Bank Secrecy Act program failures and the first to […]

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New York Regulator Hiring Blockchain Analyst to Tackle Crypto Crimes

DIGIT — Mon, 07 Oct 2024 11:20:40 +0000

New York’s financial regulator has a job opening for a Virtual Currency Senior Blockchain Analytics Analyst. The permanent position focuses on preventing financial crimes such as money laundering and fraud by ensuring compliance in the growing virtual currency sector. The role involves using blockchain analytics to monitor risks. Applications are due by Oct. 14. New […]

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Fed hits Texas bank with cease and desist over servicing crypto firms

DIGIT — Thu, 05 Sep 2024 04:16:15 +0000

The US Federal Reserve said it identified “significant deficiencies” in the bank’s dealings with crypto clients and its risk management procedures.

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US mulls applying fiat reporting mandate on crypto transfers

DIGIT — Mon, 19 Aug 2024 08:27:02 +0000

The US Treasury and Federal Reserve plan to redefine “money” used under the Bank Secrecy Act, aiming to include cryptocurrencies and digital assets in new reporting requirements.

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Sens. Lummis, Wyden oppose Justice Dept. stance on Tornado Cash charges

DIGIT — Mon, 13 May 2024 19:29:03 +0000

If the Justice Dept. prevails in the case against the cryptocurrency mixer, internet service providers and the post office may also be liable to transmitter requirements, they said.

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Binance charges prove ‘following the rules’ was the right decision: Coinbase CEO

DIGIT — Tue, 21 Nov 2023 21:46:09 +0000

Brian Armstrong reflected on the announcement of criminal charges against Binance, stating that Coinbase’s decision to get licenses was correct.

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CTFC cracks down on DeFi protocols Opyn, ZeroEx and Deridex

DIGIT — Thu, 07 Sep 2023 23:38:54 +0000

The commodities regulator handed out fines of $250,000, $200,000, and $100,000 respectively to the three firms in addition to cease and desist orders.

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Tornado Cash indictment fails to show ‘clear violation’ of certain laws: Coin Center

DIGIT — Thu, 24 Aug 2023 02:51:54 +0000

Coin Center research director Peter Van Valkenburgh argued that crypto mixer Tornado Cash is an anonymizing software provider, not a money transmitter.

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CATO Institute: CBDC the ‘Single Largest Assault to Financial Privacy Since Creation of Bank Secrecy Act’

DIGIT — Sun, 09 Apr 2023 07:30:21 +0000

A central bank digital currency (CBDC) may turn out to be the “single largest assault to financial privacy since the creation of the Bank Secrecy Act,” a policy analysis document released by CATO Institute has said. To stop the U.S. Federal Reserve and Treasury from threatening the financial system with the CBDC, the document said […]

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Report: Confirmation of Silvergate’s $8 Billion Deposit Plunge Sees Stock Price Drop by More Than 40%

DIGIT — Fri, 06 Jan 2023 21:30:46 +0000

The price of the crypto-focused bank Silvergate Capital’s shares fell by over 40% after it reported a more than $8 billion drop in customer deposits. The share price plunge came just days after U.S. prosecutors reportedly seized collapsed crypto exchange FTX’s accounts held at the bank. Alan Lane, the CEO of Silvergate, denied allegations that […]

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