In today's global financial landscape, combating money laundering and ensuring customer due diligence are critical priorities for regulatory bodies and financial institutions. For member firms operating within the securities industry, the Financial Industry Regulatory Authority (FINRA) has established stringent guidelines to address these concerns. One of the key regulations is FINRA Rule 3310, which focuses on anti-money laundering (AML) and know your customer (KYC) compliance. This blog post will break down each section of Rule 3310 and explain its implications for member firms. Crypto Criminal Defense Blog
Money laundering, defined broadly as disguising the illicit origins of criminally derived proceeds, has continued to pose a significant challenge for financial institutions across the globe. Often, these laundered funds are used to fuel further criminal activities, including financing terrorism. Given this context, financial firms, including those in the securities industry, are bound by various laws and regulations to prevent such activities and foster financial integrity.
In today’s blog post, I’d like to highlight the major aspects of anti-money laundering (AML) compliance, specifically in line with the Bank Secrecy Act (BSA), Financial Industry Regulatory Authority (FINRA) Rule 3310, and 31 C.F.R. § 1023.210. Crypto Criminal Defense Lawyer
Effective January 1, 2024, digital asset transfers in excess of $10,000 will be subject to KYC and IRS reporting requirements under the Infrastructure Investment and Jobs Act. Crypto Criminal Defense Blog Post
June 2023 has shaped-up to be a pretty eventful month for crypto with the SEC filing lawsuits against the two largest cryptocurrency trading platforms in the world to multiple major TradFi firms filing Bitcoin ETF applications. And with Congress scheduled to finally vote on proposed digital asset legislation, July 2023 is also likely to bring more major crypto headlines. If the Bill makes it out of the House, then it will proceed to the Senate and if passed there, to the President’s desk for signature into law. If signed into the law, the Bill would finally bring long-awaited legislative clarity to the digital asset space.
The Securities and Exchange Commission (SEC) has announced the resolution of insider trading charges involving former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi. The pair had allegedly engaged in a scheme trading ahead of multiple announcements about new crypto assets becoming available for trading on Coinbase.
As part of the settlement, the SEC reports that the Wahi brothers consented to be permanently barred from violating Section 10(b) of the Securities Exchange Act and Rule 10b-5. They've agreed to disgorge their ill-gotten gains and pay prejudgment interest. The SEC will not pursue civil penalties as the brothers' assets in the criminal action would fulfill the SEC's disgorgement, provided the court approves the forfeiture. Crypto Criminal Defense Lawyer
On Monday, May 15, 2023, US Secret Service agents based in the San Francisco Field Office and members of the USSS’s Bay Area Regional Enforcement Allied Computer Team (REACT) hosted an Ask Me Anything (“AMA”) on Reddit
Here in San Francisco, we have a squad dedicated to keeping cryptocurrency and its users safe. We are comprised of Special Agents and Analysts who have embraced the future of money, and we’re eager to share our work with this cryptocurrency community and provide resources and education to help keep your money safe. We’re also eager to learn from you. Crypto Criminal Defense Lawyer Blog