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Securities and Exchange Commission in the New Year
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Office of the Comptroller of the Currency (OCC) issues $60M penalty and cease and desist proceedings against USAA
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In December 2020, Congress passed the National Defense Authorization Act for Fiscal Year 2021 (“Defense Act”),[1] which includes significant reforms to the United States’ monitoring system for financial crimes. Although President Donald Trump vetoed the Defense Act, the Senate voted to override the President’s veto on January 1, 2021.
As part of the Defense Act, the Anti-Money Laundering Act of 2020 and the Corporate Transparency Act included therein imposes new requirements for the reporting of beneficial ownership information to the Financial Crimes Enforcement Network (“FinCEN”). The Corporate Transparency Act also authorizes FinCEN to share beneficial ownership information with domestic and foreign law enforcement authorities in certain circumstances, and it directs FinCEN to issue regulations to implement the new beneficial ownership reporting requirements within one year of the statute’s enactment.
Massive anti-money laundering reform suggests busy year for US regulators Business
The United States has passed huge reforms to its anti-money laundering regime, bringing digital asset exchanges and others dealing in digital assets further within the reach of regulators. The reforms, introduced via the Anti Money Laundering Act of 2020, became law on January 1, 2021, as part of the country’s sweeping annual defense bill.
The reforms address the Bank Secrecy Act (BSA), a central pillar of the U.S. AML regime. You might recall that the Bank Secrecy Act obliges financial institutions such as digital asset exchanges to actively detect, monitor and report potential money laundering activity. It is the tool being used to prosecute the BitMEX founders for willfully failing to implement anti-money laundering measures as required by law. Violations of the Bank Secrecy Act can result in criminal fines, jail time, or both.