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Garcia Case Highlights Necessity of Knowing Your Customer and Listening to Internal Fraud Watchdogs.

As we recently blogged, the Financial Crimes Enforcement Network ("FinCEN") issued an advance notice of proposed rulemaking ("ANPRM") on April 5, 2021 to solicit public comment on the implementation of the Corporate Transparency Act.

To print this article, all you need is to be registered or login on Mondaq.com. The Anti-Money Laundering Act of 2020 (AML Act) aims to lessen the compliance and regulatory burden of financial institutions, but it may instead do the opposite. The full impact of this new legislation will not be fully known until the regulations required to be promulgated by the Secretary of the Treasury over the next year are adopted and implemented. However, it does appear that the Treasury and its enforcement arm, the Financial Crimes Enforcement Network (FinCEN), have been given addi...

Cryptocurrency Landscape Virtual currency is not just here, it's hot. The asset class seems to have no boundaries; a recent rise has pushed the market value of bitcoin alone to $1 trillion. No longer a fad, the new age of digital currency is seeing payment companies, asset management funds, financial institutions, luxury products, and industrial companies pushing it into the mainstream by trading in, investing in, and issuing virtual currency, and shifting cash into virtual currency around the globe. Governments are not far behind, with dozens of central banks around the world exploring the ...