Record Cryptocurrency Seizure
If you’ve been paying attention, crypto/virtual currency has been coming up more and more. Not only are financial institutions starting to see their customers take part in this but banks will also likely be faced with whether they want to get involved in crypto-asset activities in the future. Is your BSA/AML program ready?
On February 8th, the Department of Justice announced the arrest of a New York couple for conspiring to launder stolen cryptocurrency. Over $3.6 billion in cryptocurrency was seized in what was the DOJs largest ever financial seizure. While the details of this scheme are quite complex, our “crypto guy”, Consultant Kevin Edwards, summarized it quite nicely during our recent webinar, “BSA/AML: Crypto/Virtual Currency”. Check it out:
Published
2022/02/22
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).