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☆ AI is Uncle Sam’s new secret weapon to fight fraud
▼ + stars: | 2024-02-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. Treasury’s AI-powered fraud detection recovered $375 million in fiscal 2023 alone, Treasury officials tell CNN, marking the first time Treasury is publicly acknowledging it is using AI to detect fraud. Instead, Treasury officials say the type of AI they are using falls more into the bucket of machine learning and Big Data. The goal is to move with such speed that anomalies are flagged and banks are alerted before fraudulent checks are ever cashed, Treasury officials said. Catching fraud in millisecondsAmiram Shachar, co-founder and CEO of cloud security startup Upwind, told CNN the federal government should “absolutely” use AI to detect fraud.

Persons: Sam, Sam’s, Fraudsters, Wally Adeyemo, ”, ” Shachar, Steph Curry Organizations: New, New York CNN, Treasury Department, CNN, Treasury, Data, Washington, Office, Business Administration, Social, Internal Revenue Service, IRS, Google, Facebook, Penny Jar, NBA, Mastercard Locations: New York, Banks, Washington, Hong Kong

☆ Treasury watchdog on a 'full court press' to spread awareness of new business registry rules
▼ + stars: | 2024-02-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Brian Nelson, US Treasury under secretary for terrorism and financial crimes, during a House Financial Services Committee hearing in Washington, DC, US, on Wednesday, Feb. 14, 2024. The hearing is titled "Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)." WASHINGTON — Over 700,000 companies have submitted data to Treasury's new beneficial ownership information registry, a senior Treasury official said on Wednesday. Nelson said the agency has been "on a full court press" to spread awareness about the registry. Nelson said Treasury has been utilizing multi-lingual guidance, informational webinars, YouTube, and is collaborating with Secretaries of State and Chambers of Commerce to inform business owners.

Persons: Brian Nelson, Nelson Organizations: US, Financial, Terrorism, Financial Intelligence, Treasury, year's, Treasury Department, Hudson Institute, Network, New, YouTube, of State, Chambers of Commerce, Force Locations: Washington , DC, WASHINGTON, United Kingdom, United States

☆ An abrupt exit at a Goldman Sachs-backed crypto bank spotlights the industry's tug-of-war with regulators
▼ + stars: | 2024-02-26 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Read previewWhen the chief executive of cryptocurrency startup Anchorage Digital posted a message in the company's "announcements" Slack channel in late November about an executive's departure, employees started buzzing. Just over a year after it received the charter, the OCC issued a consent order against Anchorage in April 2022. Regulators are aggressively scrutinizing crypto players and prioritizing monitoring crypto compliance. Regulators' viewThe OCC is now led by Michael Hsu, the former Federal Reserve regulator and self-described crypto skeptic who has viewed crypto companies' regulatory compliance in some areas as inadequate. A crypto bank would face risks in safeguarding digital assets in its custody, maintaining appropriate hedges in crypto-lending, and adhering to capital requirements specific to crypto assets, said Kim, who studies crypto and blockchain technology.

Persons: —, Georgia Quinn, Nathan McCauley's, McCauley, Goldman Sachs, Andreessen Horowitz, Quinn, Brian Brooks, CoinDesk, Oliver Wyman, FTI, Brooks, Michael Hsu, Hsu, Evelyn Hockstein, Mark duBose, Seoyoung Kim, University's, Kim, Diogo Mónica, Axel Springer, Mark McCombe, Max Levchin, BNY, Seyfarth Shaw, Ellenoff Grossman, it's Organizations: Service, Anchorage, Business, Citadel Securities, Apollo Global Management, Visa, OCC, Regulators, Securities, Exchange, IBM, KPMG, Anchorage Digital Bank National Association, Federal Reserve, Reuters, Business Insider, Santander Bank, University's Leavey School of Business, KKR, BlackRock, BNY Mellon Locations: Anchorage, United States, Santa, San Francisco, Portugal

☆ Don’t let AI hype lead you into illegal ‘AI-washing,’ SEC chair warns companies and investment advisers
▼ + stars: | 2024-02-13 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Publicly traded companies that misleadingly or untruthfully promote their use of artificial intelligence risk engaging in “AI-washing” that can harm investors and run afoul of US securities law, said SEC Chair Gary Gensler in a speech on Tuesday. They also shouldn’t lie about whether they use an AI model or how they use AI in specific applications, Gensler added. One would be the intentional use of AI to facilitate securities fraud, Gensler said Tuesday. The SEC could target those who deploy AI in ways that create reckless or knowing disregard for the risks to investors, Gensler said. He said the SEC could also investigate those who place fake orders in violation of securities law, or investment advisers who place their own interests ahead of their clients’.

Persons: Gary Gensler, “ We’ve, ” Gensler, Gensler, Alvaro Bedoya Organizations: Washington CNN, Securities and Exchange Commission, Publicly, SEC, Yale Law School, Federal Trade Commission

☆ Treasury proposes rule to extend anti-money laundering regs to investment advisers
▼ + stars: | 2024-02-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

The Treasury Department's corruption watchdog on Tuesday issued new proposed regulations that would extend major pieces of the anti-money laundering (AML) rules that apply to banks to some investment advisers. The new rules would apply to investment advisers who are registered with or report to the Securities Exchange Commission, leaving out what FinCEN estimates to be at least 17,000 state-registered investment advisers. The proposed regulations stop short of requiring investment advisers to adopt formal customer identification programs, like banks do. Investment advisers manage tens of trillions of dollars, but until now, they have been largely exempt from the AML regulations arising from the 1970 Bank Secrecy Act and subsequent legislation. In 2003 and 2015, FinCEN proposed similar rules that would have expanded BSA provisions to cover investment advisers.. to combat money laundering and terrorist financing.

Persons: Janet Yellen, FinCEN, Andrea Gacki Organizations: Financial, Treasury, Securities Exchange Commission, Investment Locations: Vienna , Virginia, FinCEN, China, Russia

☆ Former Biden family business associate recycles unproven allegations to House panels
▼ + stars: | 2024-02-13 | by ( Annie Grayer | Marshall Cohen | ) edition.cnn.com time to read: +7 min

A former Biden family business associate levied critical but unproven allegations against President Joe Biden in a closed-door House interview Tuesday, resurrecting claims he has lobbed since 2020. He further said he believed the multi-million-dollar business deals secured by Joe Biden’s son and brother only materialized “because Joe Biden was in high office.” He said, “the Biden family business was Joe Biden, period,” and specifically mentioned Joe Biden’s alleged role in a lucrative proposed deal with a Chinese energy conglomerate. “He had two encounters with President Biden in back-to-back days in May of 2017 that seemed extremely casual,” Raskin said. Despite providing information to the FBI, federal prosecutors haven’t cited his materials in the sweeping tax indictment filed against Hunter Biden. The Justice Department has accused Hunter Biden of tax evasion and other financial crimes over many years.

Persons: Biden, Joe Biden, Tony Bobulinski, Trump, —, “ Joe Biden, ” Bobulinski, Joe Biden’s, ”, “, Bobulinski, Jamie Raskin, ” Raskin, Hunter, Hunter Biden, Rob Walker, Walker, ” Walker, “ You’re, Bobulinski’s, Raskin, pounced, Robert Hur’s, Jasmine Crockett, haven’t, Republicans ’ Organizations: CNN, Street, Maryland, Justice Department, FBI, IRS, Republicans, Fox News, Democratic, Bobulinski, GOP, The Locations: China, Los Angeles, Jasmine Crockett of Texas

WASHINGTON (AP) — The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system. The Treasury Department's Financial Crimes Enforcement Network — known as FinCEN — proposed a regulation on Tuesday that would require investment advisers to develop anti-money laundering programs and file reports with the government when suspicious activity is detected by clients, among other things. Treasury last week proposed a rule that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies. All-cash purchases of residential real estate are considered at high risk for money laundering. The risk assessment also identified cases of Chinese and Russian individuals using investment advisers to access sensitive information and emerging technology, Treasury said.

Persons: —, Biden, ”, Andrea Gacki, Janet Yellen Organizations: WASHINGTON, Treasury, House Locations: U.S, United States

☆ Bitcoin money launderer Ian Freeman ordered to pay $3.5 million to romance scam victims
▼ + stars: | 2024-02-13 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Ian Freeman outside of the federal courthouse in Concord, New Hampshire, in April 2023. Prosecutors said that he laundered proceeds of scams by exchanging dollars for the popular cryptocurrency, charging "exorbitant fees" in the process. Freeman earned more than $1 million through his business, which he had not registered as legally required with the Financial Crimes Enforcement Network, prosecutors said. "Freeman instructed bitcoin customers, who were often victims of scams, to lie to the financial institutions and describe their deposits as church donations. From 2016 to 2019, he paid no taxes, and concealed his income from the Internal Revenue Service," the office said.

Persons: Ian Freeman, Freeman, laundered, Ian, Jane Young, Joseph Laplante Organizations: cryptocurrency, U.S ., Prosecutors, Financial, Network, New Hampshire U.S, U.S, District, Shire Free Church, of, Internal Revenue Service Locations: Concord , New Hampshire, New Hampshire, U.S, Shire, of New Hampshire

☆ Slovakia Approves Criminal Law Reforms That Sparked Protests
▼ + stars: | 2024-02-08 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

The government said the changes modernise the criminal code by lowering long prison terms and preferring alternative punishments. President Zuzana Caputova immediately signalled she would try to stop the changes, possibly through a veto or a court challenge. The law was a "monstrous amnesty" for that circle, said deputy Michal Sipos from the opposition Slovensko party. An EU official said on Thursday the commission's concerns remained, which could possibly lead to legal action and budgetary consequences. (Reporting by Jan Lopatka in Prague; additional reporting by Gabriela Baczynska in Brussels; editing by Jonathan Oatis)

Persons: Robert Fico, SMER, Tibor Gaspar, Zuzana Caputova, Michal Sipos, Jan Lopatka, Gabriela Baczynska, Jonathan Oatis Organizations: Reuters, European Commission, European, Slovak, EU Locations: Poland, Hungary, Prague, Brussels

WASHINGTON (AP) — The Biden administration wants to make residential real estate transactions more transparent by unmasking the owners of certain all-cash purchases. It's part of an ongoing effort to combat money laundering and the movement of dirty money through the American financial system. The Treasury Department's Financial Crimes Enforcement Network proposed a regulation on Wednesday that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies. All-cash purchases of residential real estate are considered at high risk for money laundering. One study on the impact of money laundering on home values in Canada, conducted by a group of Canadian academics, found that money laundering investment in real estate pushed up housing prices in the range of 3.7% to 7.5%.

Persons: —, Biden, ”, Andrea Gacki, Ian Gary, Janet Yellen Organizations: WASHINGTON, Treasury, Network, House, FACT Coalition, Small Business Association Locations: Canada, U.S

SEOUL, South Korea (AP) — A South Korean court on Monday acquitted Samsung Electronics Chairman Lee Jae-yong of financial crimes involving a contentious merger between Samsung affiliates in 2015 that tightened his grip over South Korea’s biggest company. The court said the prosecution failed to sufficiently prove the merger between Samsung C&T and Cheil Industries was unlawfully conducted with an aim to strengthen Lee’s control over Samsung Electronics. Lee had denied wrongdoing in the current case, describing the 2015 merger as “normal business activity.”Lee, 56, did not answer questions from reporters as left the court. Lee Jae-yong served 18 months in prison after being convicted in 2017 over separate bribery charges related to the 2015 deal. Some shareholders had opposed the 2015 merger, saying that it unfairly benefited the Lee family while hurting minority shareholders.

Persons: Lee Jae, Lee, ” Lee, Jin Kim, Lee Kun, Park, Yoon Suk, tycoons, Kim Tong, hyung Organizations: Samsung, Korea’s, Seoul Central, Cheil Industries, Samsung Electronics, Prosecutors, South, National Pension Service Locations: SEOUL, South Korea, Seoul, Ukraine

☆ Man pleads guilty in $1 billion scheme to dodge money laundering rules in New York
▼ + stars: | 2024-01-31 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

A man described as an "experienced anti-money laundering specialist" pleaded guilty on Wednesday to illegally funneling more than $1 billion in lucrative, high-risk transactions through small financial institutions, the U.S. Department of Justice said. The man, 56-year-old Gyanendra Asre of Greenwich, Connecticut, pleaded guilty in Brooklyn federal court to one count of failing to maintain an anti-money laundering program in violation of the Bank Secrecy Act. The U.S. Department of the Treasury's Financial Crimes Enforcement Network, meanwhile, on Wednesday assessed a $100,000 civil penalty on Asre and banned him from participating in any financial institution's affairs for five years. He had previously been employed as a senior vice president at a domestic bank, and was "experienced in international banking and trained in anti-money laundering compliance and procedures," the DOJ said. Asre "represented to the NYSEFCU that he and his businesses would conduct appropriate anti-money laundering oversight as required by the Bank Secrecy Act," according to the DOJ.

Persons: Asre, Attorney Breon Peace Organizations: U.S . Department of Justice, DOJ, U.S . Department, Network, U.S, Attorney, New York, Employees Federal Credit Union, Bank Locations: Greenwich , Connecticut, Brooklyn

☆ Mexican Leak of Journalists' Personal Data Raises Security Worries
▼ + stars: | 2024-01-30 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

Officials said the personal data of at least 263 journalists, whom they did not publicly identify, was illegally accessed and released. The leak exposes the journalists to potential identity theft and could compromise their physical security because the data includes home addresses. "The safety of our journalists is paramount, and we are deeply troubled by this leak of personal data. "What I'm most worried about is possible identity theft and that someone misuses my personal data to commit fraud," said Morales, designated as the paper's spokesman on the matter. Officials informed journalists of the "possible violation" on Monday after some saw images of their personal documents in news reports.

Persons: Brendan O'Boyle, David Alire Garcia, Andres Manuel Lopez Obrador's, Lopez Obrador, Alberto Morales Mendoza, Morales, Sofia Paredes, Christian Plumb, Cynthia Osterman, Neil Fullick Organizations: David Alire Garcia MEXICO CITY, Jornada, El Universal, Reuters, La Jornada Locations: Mexico, Spanish, Mexican

☆ A hearing to see if Alex Murdaugh gets a new murder trial begins today
▼ + stars: | 2024-01-29 | by ( Dakin Andone | Dianne Gallagher | ) edition.cnn.com time to read: +6 min

The South Carolina Attorney General’s office, which led the prosecution against Murdaugh, has urged the courts to deny the motion. The evidentiary hearing Monday is expected to include the testimony of 11 jurors from the original murder trial and Hill. Murdaugh’s attorneys had indicated they also wanted to call alternate and dismissed jurors, as well as prosecutors and Judge Clifton Newman, who presided over the murder trial, as witnesses. Colleton County Clerk of Court Rebecca Hill listens as prosecutor Creighton Waters makes closing arguments in Alex Murdaugh's murder trial at the Colleton County Courthouse on March 1, 2023, in Walterboro, South Carolina. Alex Murdaugh's defense attorneys Dick Harpootlian, left, and Jim Griffin before a hearing on January 16 at the Richland County Judicial Center in Columbia.

Persons: Alex Murdaugh, Murdaugh, Colleton, Rebecca “ Becky ” Hill, Hill, “, ” Hill, Dick Harpootlian, Clifton Newman, Jean Toal –, Newman, –, Rebecca Hill, Creighton Waters, Alex Murdaugh's, Maggie, Paul, Alan Wilson, Ms, ”, ‘, ” Hill’s, Neil R, Gordon, Justin Bamberg, Will Lewis, Jim Griffin, Gavin McIntyre, ” Murdaugh’s, Judge Toal, ” CNN’s Devon Sayers Organizations: CNN, South Carolina Attorney, South Carolina Supreme, The State, TNS, Getty, Prosecutors, South Carolina, Judicial Center, Courier, South, South Carolina Law Locations: Colleton County, South Carolina, Colleton, Walterboro , South Carolina, The, Columbia , South Carolina, Richland, Columbia

The unusual hearing Monday comes in response to allegations by Murdaugh's attorneys that a clerk of court tampered with the jury that convicted him of murder last year. Jury tampering is the basis for Murdaugh's appeal, but Judge Jean Toal’s rulings after a pretrial hearing this month have set a difficult standard for his lawyers to prove. Toal ruled the defense must prove that potential misconduct including alleged comments by Hill warning jurors not to trust Murdaugh when he testifies directly led jurors to change their minds to guilty. The hearing will be televised, but their faces cannot be shown and they will only be identified by their juror numbers. They said this enabled prosecutors to smear Murdaugh with evidence not directly linked to the killings.

Persons: — Alex Murdaugh, who'll, Becky Hill, Murdaugh, lording, Jean Toal’s, Toal, Hill, Murdaugh’s, Clifton Newman, He's, Paul, Maggie, Murdaugh hasn't Organizations: COLUMBIA, BBC Locations: South Carolina, Colleton County, Colleton, Richland

☆ Slovak Lawmakers to Fast-Track Criminal Law Reforms Debate Despite Objections
▼ + stars: | 2024-01-25 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Slovakia's parliament will fast-track debate on government plans to scrap a special prosecutor's office fighting corruption and lower sentences for financial crimes after ruling lawmakers approved the move on Thursday despite objections. Opposition parties had delayed the vote on whether to fast-track the criminal law reforms for weeks, looking to slow Prime Minister Robert Fico's changes that they argue will afford impunity for politicians and business leaders linked to him. Pushing the reforms on a faster track has also raised warnings from the European Union and United States. Opposition parties have led near weekly protests drawing tens of thousands, with another string of rallies planned for Thursday evening. Slovakia's special prosecutor's office, around for two decades, has been in Fico's sights since he won a September election and returned to power.

Persons: Robert Fico's, Fico, Zuzana Caputova, Caputova, Jason Hovet, Nick Macfie Organizations: Reuters, European Union, European Commission, Brussels, USP Locations: United States, Hungary, Poland, Prague

☆ Appeals court upholds 'pharma bro' Martin Shkreli lifetime ban from drug industry
▼ + stars: | 2024-01-23 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal appeals court Tuesday upheld a lifetime ban on "pharma bro" Martin Shkreli from working in the pharmaceuticals industry as well as an order to pay up to $64.6 million in disgorged profits for blocking competition to the drug Daraprim. His lawyer, Benjamin Brafman, in a statement to CNBC on the appeals court decision, said, "The lifetime ban is too severe." In its eight-page ruling, the appeals court noted that Shkreli argued that Manhattan federal court Judge Denise Cote "abused" her discretion in imposing a lifetime ban on him from the drug business. "The district court found, and Shkreli does not dispute, that Shkreli's illegal scheme was "egregious, deliberate, repetitive, long-running, and ultimately dangerous." "Given his strategic decision in the district court, there is no injustice to Shkreli by us declining to address his new argument."

Persons: Martin Shkreli, pharma bro, Shkreli, Benjamin Brafman, Brafman, Denise Cote, —, Peluso Organizations: Turing Pharmaceuticals AG, pharma, U.S, Circuit, New, Federal Trade Commission, CNBC, FTC, Vyera Pharmaceuticals, Phoenixus, Mr Locations: New York, California, Manhattan

☆ Slovak Parliament Chief Confirms Presidential Bid, Facing Ex-Foreign Minister
▼ + stars: | 2024-01-19 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Jason Hovet(Reuters) - Slovak parliament chief Peter Pellegrini, leader of the second-biggest party in the government coalition, confirmed on Friday that he would run in a March presidential election. Pellegrini, a prime minister in 2018-2020 and former member of Fico's SMER party, has seen a shrinking poll lead against his closest contender - Ivan Korcok, who was foreign minister in a previous government led by opposition forces. A second round in the likely case that no candidate wins an outright majority is on April 6. Pellegrini leads Korcok 40.6% to 37.7% in an AKO agency poll released on Thursday. Pellegrini led the government until anti-corruption parties won a 2020 election.

Persons: Jason Hovet, Peter Pellegrini, Robert Fico, Pellegrini, Fico's, Ivan Korcok, Zuzana Caputova, Korcok, Fico, Hugh Lawson Organizations: European Union Locations: Korcok, AKO, Prague

☆ EU Lawmakers Raise Alarm Over Slovakia's Criminal Law Reforms
▼ + stars: | 2024-01-17 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - European Union lawmakers said on Wednesday they had "deep concern" over Slovakia's planned criminal code changes and shutting a special prosecutor's office, piling on criticism of the government's plan to fast-track the changes. The European Parliament, in a resolution approved by 496 of the 630 lawmakers who voted, said the changes needed more scrutiny and called on the European Commission to take action "to safeguard the rule of law and judicial independence". Slovak President Zuzana Caputova has threatened to veto the legislation, although Fico's government will be able to override her move. According to Slovak media, 40 people have been sentenced while another 130 are being investigated or tried. The EU's justice commissioner Didier Reynders said in mid-December the Commission could take action against Slovakia if it enacts criminal law changes that violate EU laws.

Persons: Robert Fico's, Zuzana Caputova, Didier Reynders, Jan Kuciak, Fico, Daniel Lipsic, Jason Hovet, Ros Russell Organizations: Reuters, Union, European Commission, European Union, The, USP Locations: Western, Poland, Hungary, United States, EU, Slovak, Slovakia, Prague

☆ U.S. Attorney in Manhattan Launches Program to Encourage More Self-Disclosure
▼ + stars: | 2024-01-13 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

The U.S. Attorney’s Office for the Southern District has used its jurisdiction over Wall Street to aggressively prosecute financial crimes. Photo: chip east/ReutersThe U.S. Attorney’s Office in Manhattan has launched a pilot program that seeks to offer an incentive to individuals to report to and cooperate with authorities in the prosecution of criminal conduct. The program, announced Wednesday by the U.S. Attorney’s Office for the Southern District of New York, known for shepherding high-profile white-collar criminal cases, aims to help prosecutors bring more misconduct to light.

Organizations: U.S, Attorney’s, Southern, of Locations: Manhattan, of New York

☆ Trump has laid the groundwork for a US Supreme Court challenge in his NY civil fraud case: experts
▼ + stars: | 2024-01-13 | by ( Laura Italiano | ) www.businessinsider.com time to read: +11 min

On their way to the US Supreme Court, Trump's lawyers would first need to exhaust their New York state appellate options. AdvertisementNew York Supreme Court Justice Arthur Engoron presided over closing arguments in the Trump civil fraud trial. Shannon Stapleton/ReutersThrowing the case to the US Supreme Court could, at the least, delay the imposition of penalties, Scholl said. It's unlikely the US Supreme Court would throw out New York's executive law in its entirety, he predicted. But the court could quite possibly pare back, at least in Trump's case, its most severe penalties.

Persons: —, Donald Trump, Letitia James's, Trump, Shannon Stapleton, SCOTUS, Marc Frazier Scholl, Trump's, Scholl, Lewis Baach Kaufmann Middlemiss, Jane Rosenberg, it's, James, Arthur Engoron, pare, Letitia James, Christopher Kise, Donald Trump's, Kise, Alina Habba, Clifford Robert . Pool, Adam S, Kaufmann, There's, President Trump Organizations: Service, York, New York, Trump, Business, Court, Reuters, Manhattan, Attorney's, New, Appeals, Trump Organization, US, Fifth Locations: Manhattan, New York, York, Florida

☆ You can now invest in bitcoin ETFs. But should you?
▼ + stars: | 2024-01-11 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

The Securities and Exchange Commission on Wednesday gave the green light to the listing and trading of 11 bitcoin exchange-traded funds, or ETFs. Understand what bitcoin is … and what it isn’tIt’s important to grasp what kind of asset bitcoin is. Plus, bitcoin ETFs will make it easier for financial advisers to access the cryptocurrency for their clients who can afford to invest in alternative asset classes. Deciding if a bitcoin ETF makes sense for youThe investment firms that have received approval to offer bitcoin ETFs are competing fiercely for investor dollars. And if you normally invest on a platform that automatically rebalances your portfolio for you, make sure the system does not rebalance your holdings based on your bitcoin investment.

Persons: New York CNN —, Bitcoin, bitcoin, Fidelity, Chainanalysis, Sam Bankman, ” Alex Michalka, Wealthfront, ”, Bryan Armour, … It’s, It’s, ” Armour, Alex Lozano, Lozano, “, Trent D, Porter, ” Porter Organizations: New, New York CNN, New York CNN — It’s, The Securities, Exchange Commission, Wednesday, SEC, US, Fidelity, New York Times, Securities Investor Protection Corporation, NASDAQ, NYSE, Morningstar, Better, ” Locations: New York, bitcoin, United States

☆ U.S. companies in no hurry to disclose ownership under new Treasury rule
▼ + stars: | 2024-01-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen gives a statement to the press during her visit in Mexico City, Mexico December 6, 2023. FinCEN also estimates 5 million additional reporting companies annually, over the next 10 years. The reporting rule is part of the 2021 Corporate Transparency Act that went into effect on Jan. 1. The new rules will make the registry available to law enforcement to expedite investigations into illicit activities — such as drug trafficking and tax evasion. "Information on beneficial ownership will support our law enforcement colleagues in making arrests, prosecuting offenders, and seizing ill-gotten assets."

Persons: Janet Yellen, Yellen, FinCEN, —, BOI, Binance Organizations: Treasury, WASHINGTON —, Monday, CNBC Locations: Mexico City, Mexico, United States, Vienna , Virginia

Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

☆ Biden administration announces new financial strike force to curb deadly fentanyl trade
▼ + stars: | 2023-12-04 | by ( Sam Fossum | ) edition.cnn.com time to read: +5 min

“The Treasury Department’s Counter-Fentanyl Strike Force will allow us to bring the Department’s unrivaled expertise in fighting financial crime to bear against this deadly epidemic. The strike force will be led by the department’s top sanctions official, Brian Nelson, and the chief of the Internal Revenue Service’s criminal investigations unit, James Lee. It will “redouble Treasury’s existing work streams, including using financial intelligence to understand risks and map transnational criminal organization (TCO) financial networks,” according to a news release. Several key units within the Treasury Department that specialize in financial crimes, sanctions, and tracking terrorist and illicit financing will be part of the new strike force. The new strike force will also help streamline the Treasury Department’s efforts to coordinate with local and federal law enforcement bodies on potential financial leads.

Persons: Janet Yellen, Brian Nelson, James Lee, ” Nelson, Xi Jinping, Joe Biden, Biden, Yellen, Nelson, “ Organizations: Washington CNN, Monday, Treasury Department, Treasury, Network, Foreign Assets Control, of Intelligence, US Treasury Department, Strike Force, Department, Drug Enforcement Agency, Department of Homeland Security, Department of Justice, US Centers for Disease Control, CNN, Mexican, Biden Locations: United States, China, Ukraine, Mexico

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