State Regulatory Requirements for Virtual Currency Activities CSBS Model Regulatory Framework

September 15, 2015:  The Conference of State Bank Supervisors "CSBS" concluded that activities involving third party control of virtual currency should be subject to state licensure and supervision which will aid in protecting consumers, ensuring system stability, and assisting law enforcement.

For additional information, please visit CSBS.org

Source: https://www.csbs.org/regulatory/ep/Documen...

FinCEN Reaches $8 Million Settlement with Las Vegas Casino for Lax Anti-Money Laundering Controls on High Rollers

September 8, 2015: A settlement was reached with a popular Las Vegas casino agreeing to pay an $8 million civil money penalty for its 'willful and repeated violations of the Bank Secrecy Act' which included allowing some of its wealthiest clientele to gamble millions of dollars anonymously.

For more information, please visit FinCEN.gov  

Source: http://fincen.gov/news_room/nr/html/201509...

Former CEO Of Bitcoin Exchange Company Sentenced In Manhattan Federal Court To Two Years In Prison For Helping To Sell Nearly $1 Million In Bitcoins For Drug Buys On Silk Road

December 19, 2014:  Preet Bharara, the U.S. Attorney for the Southern District of New York, announced that the former CEO and Compliance Officer of BitInstant, a Bitcoin exchange company, and the former Vice Chairman of the Bitcoin Foundation, was sentenced to two years in prison for his role in knowingly transmitting nearly $1 million in bitcoins intended to facilitate drug trafficking on “Silk Road,” a black-market website designed to enable users to buy and sell illegal drugs anonymously and beyond the reach of law enforcement. Shrem pled guilty in September 2014 before U.S. District Judge Jed S. Rakoff, who also imposed the sentence.

For additional information, please visit Justice.gov

Financial Regulators Release 2014 Bank Secrecy Act/Anti-Money Laundering Examination Manual

December 2, 2014:  The Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The revisions clarify supervisory expectations and incorporate regulatory changes since the manual’s 2010 update. The revisions incorporate feedback from the banking industry and examination staff.

For additional information, please visit FFIEC.gov.