Discover and read the best of Twitter Threads about #BankSecrecyAct
Most recents (2)
#FinCEN Assesses $1.5 Million Civil Money Penalty against South Dakota-chartered Kingdom Trust Company for Willful Violations of the Bank Secrecy Act
April 26, 2023: This is FinCEN’s first enforcement action against a trust company!
fincen.gov/news/news-rele…
April 26, 2023: This is FinCEN’s first enforcement action against a trust company!
fincen.gov/news/news-rele…
'Kingdom Trust admits to the Statement of Facts and Violations set forth below and consents to the issuance of this Consent Order'
uh-oh, they've been caught red-handed!
'The conduct described below took place from February 15, 2016, through March 15, 2021'
uh-oh, they've been caught red-handed!
'The conduct described below took place from February 15, 2016, through March 15, 2021'
'On November 16, 2020, 31 C.F.R. § 1020.210(b) went into effect & required trust companies without a Federal functional regulator (including Kingdom Trust) to comply with the AML program rule.'
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1/ The Senate Banking Comm staff reached out last week regarding @Facebook @Libra pursuant to my @ForbesCrypto article. During a conf call they indicated interest in receiving formal testimony from me. Here it is + summary follows 👇: forbes.com/sites/caitlinl… @DoWithCare
2/ Big takeaway--politicians that weaponize the US banking system (blocking access to disfavored industries/countries) are modern-day Herbert Hoovers bc these barriers block both unlawful & LAWFUL commerce, & these barriers caused the invention of #stablecoins in the first place.
3/ (OK, I didn't actually call them modern-day Herbert Hoovers the testimony, but I digress...) If Congress isn't happy about @facebook @Libra, it can immediately make #stablecoins irrelevant by letting #banks bank the #crypto industry (& I give v specific recommendations here:
