Larry Dean Harmon, the founder and operator of Helix, a darknet-based cryptocurrency “mixer” or “tumbler,” recently admitted that Helix partnered with darknet marketplaces to provide bitcoin money laundering services for darknet market customers.
The Financial Crimes Enforcement Network (“FinCEN”) recently hit the founder and primary operator of both Helix and Coin Ninja with a $60 million civil monetary penalty.
On October 8, 2020, the Attorney General’s Cyber-Digital Task Force (“the Task Force”) issued its Cryptocurrency Enforcement Framework (the “Report”), which offers background on virtual assets, enforcement milestones, and plans for increasing scrutiny into the use of cryptocurrency, following the Task Force’s inception in 2018.
Recently, BuzzFeed News and the International Consortium of Investigative Journalists (“ICIJ”) reported on a 16-months’ long investigation into a trove of explosive documents apparently leaked from the U.S. Financial Crimes Enforcement Network (“FinCEN”).
The Financial Crimes Enforcement Network (“FinCEN”) is asking for feedback on potential regulatory amendments aimed at ensuring that anti-money laundering (“AML”) programs are “effective and reasonably designed.”
In a significant move toward more transparency, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) released new guidance (the “Guidance”) on August 18, 2020, setting forth its enforcement approach and detailing the factors that FinCEN will consider when evaluating matters involving potential violations of the Bank Secrecy Act (“BSA”).
When a bank files a suspicious activity report (“SAR”), that bank has immunity from civil lawsuits.