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Steven Lofchie Commentary by Steven Lofchie

The New York Department of Financial Services updated guidance for Greenlisted coins (coins that are approved for either trading or custody by the Department) and proposed new guidance on listing and delisting virtual currency for entities engaged in virtual businesses.

A Puerto Rico-based International Banking Entity settled charges with FinCEN for failing to (i) file suspicious activity reports, (ii) conduct adequate due diligence for foreign correspondent accounts and (iii) implement an anti-money laundering compliance program.

Steven Lofchie Commentary by Steven Lofchie

Senator Elizabeth Warren (D-MA) asked Treasury Secretary Janet L. Yellen, in her role as Chair of the Financial Stability Oversight Council, to address risks to U.S. financial stability caused by the Federal Reserve Board's "rapid increase" in interest rates.