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It has had a difficult childhood and a rocky adolescence, but Bitcoin is a pretty smart payment protocol that still has a promising future.
Businesses that transmit or control virtual funds on behalf of others have 45 days to apply for a state-issued license that imposes anti-money laundering controls, New York said Wednesday.
New York gave a Bitcoin company the green light to operate under state regulations Thursday, in what may be the first in a series of charters intended to mitigate concerns about virtual currencies.
The United States Thursday fined a former chief compliance officer for MoneyGram $1 million for his alleged role in the company's 2012 violations of anti-money laundering laws.
New York's financial regulator could soon hone expected rules on the use of virtual currencies after industry representatives complained to the agency that parts of its initial plan were vague.
With New York rules for digital currency exchanges in the works, other states are stepping up to draft rules of their own, speakers at a Manhattan Bitcoin conference said Monday.
Criticisms of the U.S. Justice Department's apparent decision to forego indictments of HSBC and its employees misses a larger point: the department probably couldn't have won convictions if it tried, say prosecutors.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
The terms of a $100 million settlement disclosed Friday by MoneyGram for anti-money laundering lapses will cost the Dallas-based money remitter nearly $200 million once completed, regulatory documents show.
Poor anti-money laundering controls on affiliates and problematic oversight allowed a global bank to process tens of trillions of dollars with little to no compliance checks, according to a U.S. Senate subcommittee.
Real estate title companies, appraisers and escrow agents may be required to file suspicious activity reports and perform customer due diligence, a U.S. Treasury Department official said Monday.
Many believe a surge in suspicious activity reports filed for suspected mortgage fraud - and the findings of two 2006 FinCEN reports detailing rising fraud and money laundering in mortgage lending and real estate - could force the agency to begin regulating those businesses as early as this year.
