Growing misuse of the currencies via money launderers, terrorist financiers and other bad players. This week representatives of the project will go to capitol hill to discuss the proposal for a crypto currency. At the Treasury Department across the u. S. Government with the International Financial community, theres been a great deal of activity recently related to the regulation and treatment of Digital Assets in crypto currency. Id like to give some brief explanatory remarks about what we have been doin been giving bt since theres lots of interest and then i will open up questions. Last month the association, a consortium of 28 businesses including a facebook subsidiary announced it is developing a crypto currency. The Treasury Department has expressed very serious concerns that libra could be misused by money launderers or terrorist financiers. Crypto currency have been exploited to support billions of dollars of Illicit Activity like cybercrime, tax evasion, extortion, ran somewhere
Recently as you know theres been a great deal of interest about Digital Assets including crypto currency such as that claim and libra. There are many regulatory and supervisory question regarding Virtual Assets and Virtual Currencies but i will focus narrowly on the concerns the treasury has regarding the growing misuse of the currencies via money launderers, terrorist financiers and other bad players. This week representatives of the project will go to capitol hill to discuss the proposal for a crypto currency. At the Treasury Department across the u. S. Government with the International Financial community, theres been a great deal of activity recently related to the regulation and treatment of Digital Assets in crypto currency. Id like to give some brief explanatory remarks about what we have been doin been giving bt since theres lots of interest and then i will open up questions. Last month the association, a consortium of 28 businesses including a facebook subsidiary announced it
Making policy for all to see. A lot has changed but today that is more relevant than ever. On television and online, cspan is your relevant provider. Treasury secretary, steve manuchy held a conference at the white house on how they will use crypt to currencies and that facebooks currencies could be used by Money Laundering. And asked about the freshman tweets by freshman lawmakers, he said he didnt find the tweets racist. This is about a half hour. Good afternoon, everybody. Thank you for being here. As you know there have been a great deal of interest about crypt to assets such as bitcoin and libra. There are many questions regarding libra, Virtual Assets and virtual currencies. I will focus primarily on the concerns the treasury has about growing misuse of cryptocurrencies by money launderers, and financiers and other bad players. Going to capital hill, going to congress about the cryptocurrency, libra. In the International Community there has been a great deal of activity recently
The bipartisan bill seeks to foster innovation and promote US dollar dominance while protecting consumers and mitigating illicit finance risks. On April 17, 2024, US.
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Federal regulators are increasing their scrutiny of companies compliance with Anti-Money Laundering and Bank Secrecy Act Obligations, and if January is any indication, 2021 will be a record year for penalties. Just in the last two months, regulators have imposed more than $200 million in penalties on corporations. For example, the Federal Deposit Insurance Corporation (FDIC) assessed a $12.5 million penalty against a company for unspecified AML violations; and the Financial Crimes Enforcement Network (FinCEN) penalized a company $390 million for failing to file suspicious-activity and currency-transaction reports, and for failing to implement and maintain an effective Anti-Money Laundering program. These large penalties are consistent with an enforcement trend that has seen financial regulators impose escalating fines and penalties on companies for AML violations. Total penalties for such violations exceeded $10 billion w