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Podcast: Impact of FRB and FinCEN Proposed Amendments to Recordkeeping and Travel Rule Regulations

Client Alert | less than 1 min read | 01.22.21

On October 23, 2020, the Federal Reserve Board and the Financial Crimes Enforcement Network (FinCEN) issued a joint notice of proposed rulemaking that would amend the Bank Secrecy Act’s Recordkeeping Rule and Travel Rule regulations. The proposed changes would: (a) lower the threshold for covered cross-border transactions from $3,000 to $250, and (b) extend the applicability of the rules to convertible virtual currency and digital assets. Caroline Brown moderates this panel discussion hosted by KPMG and Carlton Greene provides insight into what the changes mean for virtual currency companies and payments companies. 

Click here to listen to this podcast on KPMG's site.

Insights

Client Alert | 3 min read | 06.03.26

Important EU Court Judgment Clarifies Rules on Interest Due in Cartel Damages Cases

In a judgment that will have direct and immediate consequences, the Court of Justice of the European Union (CJEU) has clarified that for all competition damages actions brought after 26 December 2014, interest runs from the date on which the harm occurred. The ruling addressed two important questions: (1) whether national provisions implementing Article 3(2) of the EU Damages Directive — which requires interest to run from the date harm occurred —apply to cases in which the harm preceded the adoption of those provisions; and (2) how the date of harm should be determined in cartel cases involving the purchase of goods at inflated prices....