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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
May 01, 2024
The founder of the world’s largest crypto exchange was sentenced to four months in prison after pleading guilty to Bank Secrecy Act, money-transmitting, and sanctions violations.
Details: Binance founder Changpeng "CZ" Zhao previously agreed to a $50 million fine and stepped down as CEO, while Binance agreed to pay a $4.3 billion settlement. Among the violations, Binance failed to implement programs to prevent and report suspicious transactions with terrorists, including Hamas’s Al-Qassam Brigades, Palestinian Islamic Jihad, Al Qaeda, and ISIS.
ICBA Comments: In a recent comment letter, ICBA said recordkeeping and reporting requirements on crypto transactions are not enough to adequately protect U.S. consumers and businesses. It called on FinCEN to do more to combat crime enabled by crypto mixers.
‘Pig Butchering’ Scam: Recent ICBA blog posts spotlight the growing “pig butchering” scam, in which fraudsters use cryptocurrencies to defraud victims, and the need for a policy response.