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July 2023 Monthly Recap

Legislative Alert: Louisiana Enacts New Virtual Currency Act; North Dakota Adopts Money Transmission Modernization Act

Louisiana has recently implemented the New Virtual Currency Act, while North Dakota has adopted the Money Transmission Modernization Act. Read more here.

OCC Assesses $15 Million Civil Money Penalty Against American Express National Bank Related to Bank’s Governance and Oversight of Third-Party Affiliate

OCC announces $15 million penalty on American Express National Bank for third-party oversight failure and violating small business customer retention regulations. Read more here.

What is Money Laundering?

Discover the three steps of a typical money laundering scheme: placement, layering, and integration. Expert compliance training can significantly reduce your business risk. Watch our new video to learn more.

Webinar – Risk Assessments: The Compliance Officer’s Trusty Sidekick!

The purpose of this webinar was to discover BSA/Patriot Act & Risk Assessment. Ensure compliance, manage risks, and ensure business continuity for banks and crypto companies. Learn about how to navigate regulations and meet expectations of licensed MSBs and banking partners. Read more here.

SEC vs. Ripple

SEC takes action against Ripple Labs, Inc. (“Ripple”) and its leaders, Bradley Garlinghouse and Christian A. Larsen, for unlawful securities offer and sale, violating the Securities Act of 1933. The SEC also accuses Garlinghouse and Larsen of aiding and abetting Ripple’s Section 5 violations. Read more here.

Maryland Advisory- Money Transmitter Licensure

Over the past few months, various state and federal agencies, including the Maryland Attorney General’s Securities Division, have initiated actions against several cryptocurrency-related businesses. Read more here.

Managing Risk: What Banks Want You to Know

Our webinar this month dives into the risk context for banks, financial institutions’ expectations, compliance best practices, ongoing risk management, and identification of common red flags. Watch the video here.




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