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Dec 28, 2023 | 
jdsupra.com | Patrick Campbell |Jonathan Barry Forman |Christina Gotsis
Key Takeaways On December 11, 2023, the U.S. Department of the Treasury (Treasury) released a Fact Sheet[1] noting that it likely will repropose some or all of the provisions of FinCEN’s September 1, 2015, Notice of Proposed Rule Making (2015 NPRM) which proposed to expand the application of the Bank Secrecy Act (BSA) to certain investment advisers (IAs).[2] Opponents of the 2015 NPRM argued that the compliance burden of extending the BSA’s anti-money laundering (AML) rules to IAs outweighed...
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Dec 27, 2023 | 
lexology.com | Patrick Campbell |Jonathan B. New |Jonathan A. Forman |Christina Gotsis
Key Takeaways On December 11, 2023, the U.S. Department of the Treasury (Treasury) released a Fact Sheet[1] noting that it likely will repropose some or all of the provisions of FinCEN’s September 1, 2015, Notice of Proposed Rule Making (2015 NPRM) which proposed to expand the application of the Bank Secrecy Act (BSA) to certain investment advisers (IAs).[2] Opponents of the 2015 NPRM argued that the compliance burden of extending the BSA’s anti-money laundering (AML) rules to IAs outweighed...
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Sep 15, 2023 | 
jdsupra.com | Patrick Campbell |John Carney |Christina Gotsis
Key Takeaways In an August 25 statement, SEC Chief Accountant Paul Munter reminded issuers of the importance of comprehensive risk assessments to decisions regarding financial reporting and the effectiveness of internal controls. Munter had observed instances of management and auditors focusing too narrowly on information and risks directly impacting financial reporting, while disregarding broader, entity-level issues.
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Aug 14, 2023 | 
jdsupra.com | Patrick Campbell |Jonathan Barry Forman |Christina Gotsis
Key Takeaways On July 31, 2023, following extensive examination of broker-dealers regarding their anti-money laundering (AML) compliance, the Securities and Exchange Commission’s (SEC) Division of Examinations (Division) released a risk alert recommending that broker-dealers tighten their AML compliance programs.
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Aug 14, 2023 | 
today.westlaw.com | Patrick Campbell |Jonathan B. New |Jonathan A. Forman |Christina Gotsis
(August 24, 2023) - BakerHostetler attorneys Patrick T. Campbell, Jonathan B. New, Jonathan A. Forman and Christina O. Gotsis explain an alert issued by the Securities and Exchange Commission urging broker-dealers to strengthen their anti-money laundering compliance programs.
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Jul 18, 2023 | 
lexology.com | Christina Gotsis |Nicholas Mowbray |Carlos Ortiz |Kayley B. Sullivan |Deirdre Farrell |Elizabeth Smith
Key TakeawaysA court approved the issuance of a John Doe summons by the IRS to major cryptocurrency platform Kraken, aimed at identifying individuals who are potentially avoiding their income tax obligations relating to cryptocurrency transactions. The IRS and other prosecuting agencies have made clear that John Doe summonses are a powerful tool in pursuing virtual currency nonreporting and underreporting.
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Jul 17, 2023 | 
jdsupra.com | Christina Gotsis |Nicholas Mowbray |Deirdre Farrell
Key Takeaways A court approved the issuance of a John Doe summons by the IRS to major cryptocurrency platform Kraken, aimed at identifying individuals who are potentially avoiding their income tax obligations relating to cryptocurrency transactions. The IRS and other prosecuting agencies have made clear that John Doe summonses are a powerful tool in pursuing virtual currency nonreporting and underreporting.
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May 3, 2023 | 
lexblog.com | Carlos Ortiz |Christina Gotsis |Kayley B. Sullivan
Carlos Ortiz, Christina Gotsis and Kayley Sullivan co-authored the article “Get Ready For IRS Criminal Crackdown On Crypto,” in Law360. After years of warnings, the time for a significant increase in IRS criminal enforcement against those using digital assets to evade tax liabilities is here.
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May 2, 2023 | 
law360.com | Carlos Ortiz |Christina Gotsis
After years of warnings, the time for a significant increase in IRS criminal enforcement against those using digital assets to evade tax liabilities is here.... To view the full article, register now.
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May 2, 2023 | 
law360.com | Carlos Ortiz |Christina Gotsis |Kayley B. Sullivan
By Carlos Ortiz, Christina Gotsis and Kayley Sullivan (May 2, 2023, 1:17 PM EDT) -- After years of warnings, the time for a significant increase in IRS criminal enforcement against those using digital assets to evade tax liabilities is here.... Stay ahead of the curveIn the legal profession, information is the key to success. You have to know what's happening with clients, competitors, practice areas, and industries.
