US State digital asset regulations & innovations
- jimm1
Key Points
References
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KPMG top ten regulations for 2024 | |
Key Concepts
US Financial Regulations and Concepts
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US - all Federal bills, laws
https://www.congress.gov/advanced-search/legislation
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https://www.congress.gov/help/search-tools-overview
CLI search >> title:identity. text:"PII"
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Status of Legislation | billStatus: | billStatus:“Committee Consideration” billStatus:“Floor Consideration” |
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Introduced Date | introducedDateStr: | introducedDateStr:“2014-08-04” introducedDateStr:[“2014-07-01” TO “2014-07-31”]Note:Searches bills and resolutions |
US - all Federal executive orders and actions
https://www.federalregister.gov/presidential-documents/executive-orders
https://www.federalregister.gov/documents/search#advanced
https://www.federalregister.gov/reader-aids/videos-tutorials/utilizing-complex-search-terms
US State Laws
https://law.justia.com/us-states/
EU laws
Legislation in force · EU law (EUR-Lex). Search for directives, regulations, decisions, international agreements and other act · Most recent legislative documents.
https://european-union.europa.eu/institutions-law-budget/law/find-legislation_en
https://european-union.europa.eu/institutions-law-budget/law_en
Observatory - legislation in progress - not law yet
https://oeil.secure.europarl.europa.eu/oeil/en
EUR-Lex, you can find information about all legislative and non-legislative procedures, including special procedures. EUR-Lex gives you access to the procedure stages and to related documents
https://eur-lex.europa.eu/collection/legislative-procedures.html?locale=en
Financial Action Task Force (FATF) - Recommendations on Financial Governance
https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf-recommendations.html
The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative and operational frameworks and different financial systems, and so cannot all take identical measures to counter these threats.
- Purpose:To establish a consistent international standard for countries to follow in combating financial crimes by setting out specific actions they should take within their legal and financial systems.
- Structure:The 40 recommendations are categorized into seven areas including:
- AML/CFT Policies and coordination
- Money laundering and confiscation
- Terrorist financing and financing of proliferation
- Preventive measures
- Transparency and beneficial ownership of legal persons and arrangements
- Powers and responsibilities of competent authorities
- International cooperation
- Implementation:Countries are expected to adapt the FATF recommendations to their specific circumstances while still meeting the overall standard set by the framework.
- Monitoring and enforcement:The FATF regularly reviews countries' compliance with the recommendations and can publicly identify jurisdictions with significant deficiencies, potentially leading to increased scrutiny and sanctions from the international community
IRS
EID
SSN
FDIC
FDIC DIF reserve ratio < 2%
https://www.fdic.gov/resources/deposit-insurance/deposit-insurance-fund/dif-fund.html
The Federal Deposit Insurance Act (FDI Act) requires that the FDIC Board of Directors (Board) designate a reserve ratio for the Deposit Insurance Fund (DIF or fund) and publish the designated reserve ratio, or DRR, before the beginning of each calendar year. The Board must set the DRR in accordance with its analysis of the following statutory factors:
SEC
FINCEN. Financial Crimes Enforcement Network
KYC laws
AML laws
The Travel Rule on Identity
https://www.niceactimize.com/blog/aml-what-is-the-travel-rule-and-how-does-it-apply-to-crypto/
The ‘Travel Rule’ was first introduced by FinCEN in the US’s Bank Secrecy Act (BSA) and came into effect in the US on May 28, 1996. FinCEN’s ‘Travel Rule’ required financial institutions to pass on certain information to the next financial institution during the ‘transmittal of funds,’ which often refers to wire transfers. In 2012, the Financial Action Task Force (FATF) updated their FATF 40 recommendations to include similar ‘Travel Rule’ guidelines for wire transfers, as outlined in Recommendation 16.
The FATF adopted changes in 2018 to expressly clarify that their Recommendations apply to financial activities involving virtual assets. Subsequently, FATF published its initial guidance on applying a Risk-Based Approach (RBA) to virtual assets and virtual asset service providers, which was later updated in October 2021.
https://www.fincen.gov/sites/default/files/advisory/advissu7.pdf
A Bank Secrecy Act (BSA) rule [31 CFR 103.33(g)]—often called the “Travel” rule—requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution. This rule became effective May 28, 1996 and was issued by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). This rule was issued by FinCEN concurrently with the new BSA recordkeeping rules [31 CRF 103.33(e) and (f)) for funds transfers and transmittals of funds]. The funds transfer rules are designed to help law enforcement agencies detect, investigate and prosecute money laundering and other financial crimes by preserving an information trail about persons sending and receiving funds through funds transfer systems. The attached guidance is intended to answer general, basic questions concerning the implementation of the new regulations. It is not meant to be comprehensive and does not replace or supersede the regulations. These questions and answers and the Travel rule should be examined in concert with the Treasury’s related recordkeeping rule concerning the transmittal of funds
Wyoming DA Regulations
New York DA Regulations
Rhode Island DA Regulations
California DA Regulations
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