FinCEN Adds Global Investigations Division to Combat Overseas Money Laundering

FinCEN Adds Global Investigations Division to Combat Overseas Money Laundering

The Financial Crimes Enforcement Network (“FinCEN”) unveiled its Global Investigations Division (“GID”), which will be responsible for both domestic and international investigation under the Bank Secrecy Act (“BSA”). GID will utilize FinCEN’s BSA authorities to investigate and target terrorist finance and money laundering threats, and GID will work with foreign counterparts to coordinate actions against

Perry Quoted In Washington Examiner Article on Cyber Mischief in China

Perry Quoted In Washington Examiner Article on Cyber Mischief in China

A cybersecurity and regulatory attorney, Braden Perry is featured discussing the security concerns over Huawei and other Chinese companies in a Washington Examiner article. A number of U.S. policymakers have raised alarms that Huawei could potentially be growing in surveillance backdoors into it’s equipment, after President Trump issued a warning. to end an export license that

In an Unusual Agreement, Kraft and Mondelez Consents to $16 Million Penalty for Futures Manipulation with the CFTC

In an Unusual Agreement, Kraft and Mondelez Consents to $16 Million Penalty for Futures Manipulation with the CFTC

The CFTC action against Kraft and Mondelez for manipulation of the wheat futures markets is over. Yesterday, Kraft and Mondelez agreed to a $16 million civil monetary penalty and an injunction against future manipulative actions. Interestingly, the CFTC cannot comment on the action because it agreed to the following provision in the consent order: “Neither

Kansas Department of Revenue issues notice requiring any seller providing goods or certain services in Kansas to register, collect and remit state sales tax beginning October 1, 2019

Kansas Department of Revenue issues notice requiring any seller providing goods or certain services in Kansas to register, collect and remit state sales tax beginning October 1, 2019

On August 1, 2019, Kansas issued Notice 19-04 that requires any remote seller, regardless of physical presence, to register, collect and remit sales taxes on any sales of tangible personal property and/or certain services in Kansas. This notice interpreted K.S.A. 79-3702(h)(1)(F) “to the fullest extent permitted by the law.” As provided in the Notice, “Kansas

Citibank Unit fined $1.25 Million Fine for Poor Background Check Procedures

Citibank Unit fined $1.25 Million Fine for Poor Background Check Procedures

According to FINRA, Citigroup’s brokerage unit, Citigroup Global Markets, Inc., failed in running background checks on at least 10,400 non-registered associated persons, which led to three individuals who’d been convicted of crimes working for the firm. Federal securities laws require broker-dealers to fingerprint associated persons working in a non-registered capacity before or upon association with

A Broken Record: CFTC Fines Another Binary Options Firm for Illegal Off-Exchange Trading

A Broken Record: CFTC Fines Another Binary Options Firm for Illegal Off-Exchange Trading

Today, the U.S. Commodity Futures Trading Commission (CFTC) issued an Order filing and settling charges against Curtis Dalton of Middleton, Massachusetts, requiring him to pay $200,000 for offering illegal off-exchange retail commodity transactions to U.S. and overseas customers while failing to be registered by the CFTC. The transactions offered by Dalton consisted of binary options

IRS Intends to Notify More Than 10,000 Taxpayers with Unreported Cryptocurrency Transactions by the End of August

IRS Intends to Notify More Than 10,000 Taxpayers with Unreported Cryptocurrency Transactions by the End of August

As detailed in this IRS news release today, the IRS has begun sending letters to taxpayers with virtual currency transactions that may have resulted in tax liabilities.  This notice provides: “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,”