Oversight

Cryptocurrency usage is surging in the United States. You wouldn’t know that from the number of federal examiners tasked with supervising the industry for anti-money-laundering (AML) compliance though. 

The top Trump administration official leading U.S. sanctions policy and the nation’s financial intelligence unit is set to exit the role amid friction with his boss, Treasury Secretary Scott Bessent.

Louis Vuitton’s Netherlands unit has agreed to pay a €500,000 settlement after Dutch authorities concluded the company failed to adequately vet customers who repeatedly made large cash purchases over a prolonged period.

The Financial Crimes Enforcement Network (FinCEN) has launched a dedicated portal to accept whistleblower tips on money laundering, fraud, and sanctions violations, the U.S. Treasury Department announced on Friday. 

A Florida company that offers elite sports training will pay $1.72 million to settle potential civil liability for allowing the children of suspected Mexican drug traffickers to take part in its programs. 

The Federal Reserve has told banks it plans to review and potentially drop some outstanding confidential supervisory warnings, as Vice Chair Michelle Bowman pushes to refocus oversight on near-term threats to lenders’ financial condition.

The Trump administration on Tuesday authorized U.S. companies to supply Venezuela with equipment, technology, and other support for oil and gas production, issuing a new general license that expands what American firms can do in the country’s energy sector.

Two U.S. senators reintroduced a bipartisan bill that would subject informal-value transfers and blank checks to anti-financial crime laws and strengthen the hand of prosecutors pursuing money-laundering charges. 

Citigroup executives are increasingly optimistic they can complete the compliance work tied to the bank’s major regulatory consent orders later this year, according to Reuters.

Brazil’s Finance Ministry has urged the country’s central bank to tighten regulation around pooled and escrow accounts that authorities say are being used by bad actors to circumvent asset freezes, according to Reuters.