Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
Sen. Josh Hawley 09/20/23
House Financial Services Committee 09/19/23
House Financial Services Committee 07/19/23
House, Senate Leaders 07/14/23
House, Senate 07/11/23
House Financial Services Committee 06/13/23
Senate, House leaders 06/09/23
House Financial Services Committee 05/05/23
House Financial Services Committee 04/19/23
Rep. Tom Emmer 03/08/23
Senate, House 11/17/22
House, Senate 10/11/22
Senate 10/04/22
House 09/27/22
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
Letter to Regulators 01/30/24
FinCEN 01/23/24
Federal Reserve 11/27/23
IRS 11/13/23
Federal Reserve 10/20/23
IOSCO 10/18/23
White House, Treasury Department 10/12/23
International Organization of Securities Commissions 07/31/23
BIS Committee on Payments and Market Infrastructures 05/31/23
Securities and Exchange Commission 05/08/23

Testimony

Title Committee Presenter Date
House Subcommittee on Digital Assets, Financial Technology and Inclusion Written Statement 09/13/23
Senate Banking Committee Written Statement 02/13/23
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20

Payments News

Watchdog warns of money-laundering threats

Nov. 06, 2023

The Financial Action Task Force—a global anti-money-laundering watchdog—updated its list of jurisdictions with strategic AML, terrorist-financing, and weapons-proliferation deficiencies.

Jurisdiction Updates: The FATF added Bulgaria to its list of jurisdictions under increased monitoring and removed Albania, the Cayman Islands, Jordan, and Panama from that list. Its list of high-risk jurisdictions is unchanged.

More: The FATF also:

  • Adopted a report on how terrorist groups such as Hamas use crowdfunding techniques to raise money for their attacks.

  • Reiterated that all jurisdictions should be vigilant about risks from the circumvention of measures against Russia, whose FATF membership remains suspended due to the war in Ukraine.

New Sanctions: The Treasury Department’s Office of Foreign Assets Control separately announced sanctions against Russian national Ekaterina Zhdanova for using virtual currency to evade sanctions against Russian elites.

Background: The FATF earlier this year said three-quarters of jurisdictions do not comply with its AML standards for virtual assets and virtual asset service providers. The intergovernmental organization’s “Travel Rule” requires obtaining, holding, and transmitting originator and beneficiary information relating to virtual asset transactions.

ICBA View: ICBA has called on policymakers to ensure new policies directed at the crypto sector fully reflect its risks and to ensure protecting national security and implementing anti-crime measures are primary drivers of crypto policymaking and regulation.