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The United States Financial Crimes Enforcement Network, or FinCEN, a bureau of the Treasury Department, has warned financial institutions to consider crypto as a possible means Russia may attempt to use to evade sanctions related to the country’s military action in Ukraine.In a Monday alert, FinCEN reminded U.S.-based financial institutions
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In the upcoming tech sprint, which doesn't yet have a specific start date, participants will be asked to come up with a “scalable, cost-efficient, risk-based solution to measure the effectiveness of digital identity proofing to ensure that individuals who remotely (i.e. not in person) present themselves for financial activities are
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FinCEN, the U.S. Financial Crimes Enforcement Network, linked more than $5 billion in bitcoin transactions to the most common ransomware variants out there. The organization stated in a report issued last week that the mean average total monthly suspicious amount of ransomware transactions was $66.4 million during the first
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“We have seen an aggressive sustained effort on ransomware the last few weeks from the administration that started even before the Suex designation,” Redbord, a former Treasury official, told CoinDesk in a statement. “We are rightfully seeing the most focus on hardening cyber defenses, and when it comes to crypto,
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Crypto derivatives exchange BitMEX has agreed to pay up to $100 million to resolve a case from the United States Commodity Futures Trading Commission and the Financial Crimes Enforcement Network.In an announcement today, BitMEX said it had reached a settlement with the two government agencies in regards to civil charges
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Financial institutions report large cash and crypto transactions differently. This gap led to a controversial rule proposed by the Financial Crimes Enforcement Network (FinCEN) late last year, an official said Monday.Speaking at a virtual panel hosted by compliance firm TRM Labs, FinCEN Deputy Director Michael Mosier was referring to a
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The Financial Crimes Enforcement Network (FinCEN) is further extending a comment period for a controversial proposed rule that would require crypto exchanges to gather and store counterparty information for transactions to unhosted wallets.FinCEN announced the move Tuesday, saying all comments are due 60 days after the change is submitted to
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Major U.S crypto firms are rallying against FinCEN’s proposed regulations that would force businesses operating with crypto to gather information on the identities of non-customer counterparties.A Jan. 4 letter from Jack Dorsey, CEO of financial services firm Square takes aim at the proposal for seeking to impose reporting obligations that
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The Financial Crimes Enforcement Network (FinCEN), the U.S. Treasury Department wing tasked with monitoring potential legal violations of domestic financial laws, wants Americans to report if they have more than $10,000 in cryptocurrencies with foreign financial or virtual asset service providers.FinCEN announced its intention to amend the Bank Secrecy Act’s
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