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Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, the global co-head of the K2 Integrity Financial Crimes Risk Management practice and member of K2 Integrity’s board and Gail Fuller a managing director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which are found the recently passed National Defense Authorization See more +
Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, the global co-head of the K2 Integrity Financial Crimes Risk Management practice and member of K2 Integrity’s board and Gail Fuller a managing director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy
The new regulations will bring greater scrutiny of dealers in antiquities in the US Photo by Stijn te Strake
On 1 January, the US Senate overrode President Trump’s veto of the National Defense Authorization Act for 2021 (NDAA), a bill that (perhaps surprisingly) included rules affecting the art market. Specifically, the new law subjects antiquities dealers to the provisions of the Bank Secrecy Act, requires registration of the ultimate beneficial ownership of limited liability companies, and directs the Financial Crimes Enforcement Network (FinCEN) at the Department of the Treasury to conduct a study of money laundering in the art market. Long considered but only now passed, the bill is a significant step into regulating the US art and antiquities market, though still far less invasive than the European Union’s current approach. The new regulations raise questions about the cost benefit balance of compliance, but leave no doubt after last year’s Senate rep
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2020 was a most significant year in anti-corruption enforcement; from Airbus to Goldman Sachs and numerous matters in between. Further there were two significant pieces of information from the US government in the form of the 2020 Update to the Evaluation of Corporate Compliance Programs and FCPA Resource Guide 2
nd edition. In the anti-money laundering (AML) arena, we had even bigger news the last week of the year with the passage of the National Defense Authorization Act and as part of that legislation, the enactment the Anti-Money Laundering Act of 2020 (“AMLA”) into law. The AMLA is the most comprehensive set of reforms to the anti-money laundering laws in the United States since the USA PATRIOT Act was passed in 2001, in response to 9/11.
To embed, copy and paste the code into your website or blog:
2020 was a most significant year in anti-corruption enforcement; from Airbus to Goldman Sachs and numerous matters in between. Further there were two significant pieces of information from the US government in the form of the 2020 Update to the Evaluation of Corporate Compliance Programs and FCPA Resource Guide 2
nd edition. In the anti-money laundering (AML) arena, we had even bigger news the last week of the year with the passage of the National Defense Authorization Act and as part of that legislation, the enactment the Anti-Money Laundering Act of 2020 (“AMLA”) into law. The AMLA is the most comprehensive set of reforms to the anti-money laundering laws in the United States since the USA PATRIOT Act was passed in 2001, in response to 9/11.
US Representatives Want Deadline Extension For Crypto Rule
Last Updated: 02 January 2021
Some members of the US Congressmen have asked the Treasury Department to extend the deadline for its proposed new crypto rule.
The Treasury Department wants to pass a new crypto law that will require crypto exchanges to use a more rigorous Know-Your-Customer (KYC) regulation on users for blockchain nodes and self-hosted wallets.
Crypto exchanges also oppose the deadline
The group was led by Rep. Tom Emmer, who wrote to U.S. Treasury to extend the deadline to allow more users to participate in the comment section.
This is coming a few days after top crypto exchanges asked users to voice their opinion on the comment section of the proposed rule on the Treasury Department’s website. The exchanges have alerted the crypto community that the deadline for comments was unusually too short if the regulators want to include users’ participation.