In late December 2022, in conjunction with an omnibus spending bill, Congress passed the Anti-Money Laundering Whistleblower Improvement Act, which President Biden signed into law on December 29, 2022. This law permits whistleblowers to receive 10% to 30% of any monetary sanction the government imposes over $1 million for money laundering. Money laundering is
Anti-Money Laundering
Recent Enforcement Action Against Virtual Currency Signals Sea Change
By Sarah W. Walsh on
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a groundbreaking enforcement action against Ripple Labs, Inc., a Northern Californian virtual currency company.
FinCEN announced on May 5th that Ripple Labs has been ordered to pay $700,000 in penalties and fines for violating FinCEN’s money transmitter regulations. The company has been charged with…
DOJ announces that Anti-Money Laundering Enforcement is a Top Priority
By Paul V. Kelly on
Posted in Anti-Money Laundering
Manhattan U.S. Attorney Preet Bharara informed attendees at a recent Anti-Money Laundering Risk Management Conference in New York that enforcement of the anti-money laundering (“AML”) laws are a top priority for his office. Bharara stated, I can promise. . . financial institutions need to take [the BSA] seriously because we are deadly serious about enforcing…