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What’s the Treasury doing about bitcoin?

Neil Goldstein is a Certified Anti-Money Laundering Specialist (CAMS) who is the founder of Chesapeake Compliance Consultants, LLC.A prior owner of financial service centers offering check cashing and other related services, Neil has been providing compliance services to MSBs since 2009.Contact Neil @ chesapeakecc@gmail.com or call or him at 443-857-9112.
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Neil Goldstein is a Certified Anti-Money Laundering Specialist (CAMS) who is the founder of Chesapeake Compliance Consultants, LLC.A prior owner of financial service centers offering check cashing and other related services, Neil has been providing compliance services to MSBs since 2009.Contact Neil @ chesapeakecc@gmail.com or call or him at 443-857-9112.
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Neil Goldstein is a Certified Anti-Money Laundering Specialist (CAMS) who is the founder of Chesapeake Compliance Consultants, LLC.A prior owner of financial service centers offering check cashing and other related services, Neil has been providing compliance services to MSBs since 2009.Contact Neil @ chesapeakecc@gmail.com or call or him at 443-857-9112.
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by Jose Pagliery A U.S. senator is asking the Treasury Department to explain its efforts to ensure that bitcoin is not being used by criminals and terrorists to evade bank regulations. Senator Ron Wyden sent his questions in a letter to the Treasury Department’s Financial Crimes Enforcement Network on Thursday. […]

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Money-Laundering and Sanctions Risks Not Being Adequately Prepared for by Financial-Services Institutions,

New York, Dec. 20, 2017 (GLOBE NEWSWIRE) — Even though financial institutions are perhaps more aware than ever of risks related to money-laundering and sanctions-related investigations, many of them may be “de-risking”—disassociating themselves, perhaps needlessly, from otherwise-profitable businesses and relationships. And, at the same time, a significant number lack both […]

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DOJ announces Civil Fines & Criminal Charges for Bitcoin Exchange and Operator

Why does it matter: On July 26, 2017, the Department of Justice (DOJ) announced that a grand jury in the Northern District of California had indicted the digital currency exchange BTC-e and the Russian national behind it for operating an unlicensed money service business and money laundering. That same day, the […]

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LocalBitcoins Trader Pleads Guilty to Money Transmitter Charge

A Michigan LocalBitcoins trader plead guilty last week to operating an unlicensed money services business. Federal prosecutors alleged that Sal Mansy, a resident of Detroit, advertising a bitcoin buying and selling service through LocalBitcoins, conducting $2,400,000 worth of business between August 2013 and July 2015. According to court documents, undercover […]

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State Regulators Seek to Reduce Regulatory Burden for Money Services Businesses

By Stinson Leonard Street LLP – Timothy McTaggart and George B. Sand A new Money Services Business (MSB) Call Report was released on April 18, 2017 and is the next step for state regulators towards standardization of MSB regulation, including regulation of certain FinTech companies. The Conference of State Bank […]

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Failure to Register with FINCEN Sustains Guilty Pleas by Virtual Currency Exchangers

Ballard Spahr LLP It is a potential crime to conduct a business that exchanges virtual currency and fail to register with the Financial Crimes Enforcement Network (“FinCEN“), even if the State in which one operates does not impose a similar licensing requirement. A federal district court in Louisiana has reaffirmed […]

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The New York State Department of Financial Services (DFS)Mandates Economic Sanctions Compliance Program

Article by Margaret M. Gatti and Louis Rothberg The New York State Department of Financial Services (DFS) has issued a regulation that requires certain New York regulated financial institutions to maintain programs to monitor and filter transactions for potential Bank Secrecy Act (BSA), anti-money laundering (AML) violations, and to prevent […]

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