Skadden Discusses First OFAC and FinCEN Parallel Enforcement Actions on Virtual Currency

The CLS Blue Sky Blog

Alessio D. Evangelista Eytan J. Fisch Khalil N. Maalouf Michael A. Darling

Partners Alessio Evangelista and Eytan Fisch, counsel Khalil Maalouf and associates Michael Darling and Javier Urbina review recent OFAC and FinCEN settlements with a virtual currency exchange, the first parallel enforcement actions by the two agencies in the virtual currency space. The authors discuss how these actions reveal the Treasury Department’s goal of ensuring compliance with U.S. AML and sanctions laws by virtual currency companies.