On January 19, the Federal Reserve Board (FRB) and New York Department of Financial Services (NYDFS) each issued orders settling an action against a large global bank for alleged BSA/AML violations and other compliance failures. The FRB issued a cease and desist order with a $2.4 million civil money penalty, while the NYDFS issued a consent order with a $30 million civil money penalty.Continue Reading Federal Reserve and NYDFS Penalize Large Global Bank for BSA/AML and Other Compliance Failures

On January 20, the Federal Reserve (Fed) released a much-anticipated discussion paper examining the pros and cons of a potential U.S. central bank digital currency (“CBDC”). To fully evaluate a potential CBDC, the Fed asks for public comment on more than 20 questions. Comments will be accepted for 120 days and can be submitted here.
Continue Reading Federal Reserve Examines Pros and Cons of a Central Bank Digital Currency