FinCEN Cuts MEXC Global Off From U.S. Financial System
FinCEN issued an order cutting MEXC Global off from the U.S. financial system, barring U.S. financial institutions from processing funds transfers involving the exchange.
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U.S. Sentence Highlights Crypto and Account-Based Laundering Network
A Venezuelan national received a 12-year prison sentence for conspiracy to launder money and agreed to a $1 billion money judgment, the U.S. Department of Justice said. Court documents describe a network using cryptocurrency wallets, exchanges, bank accounts, liquidity providers, and shell companies.
Read developmentOCC Drops Proposed Presumption Against Certain Stablecoin Yield Arrangements
The OCC’s final GENIUS Act rule removes a proposed presumption against certain stablecoin yield arrangements but retains the statutory prohibition. The agency says it will assess arrangements through issuer applications and ongoing supervision, applying the law to each arrangement’s facts and circumstances.
Read developmentUS Law Requires Dating Services to Notify Users About Fraud-Banned Accounts
Signed on October 20, 2026, the Romance Scam Prevention Act requires online dating services to alert members who received messages from accounts banned for fraud. Notices must identify the account, warn against sending money or financial information, and provide fraud-prevention resources.
Read developmentOCC Report Finds Reputation-Risk Policies at Nine Large Banks
The OCC said all nine of the largest national banks it supervises had policies that could influence access to services based on political or religious beliefs or lawful business activities. Its review covered the period from 2020 to September 2025 and examined nearly 100,000 complaints.
Read developmentTreasury Announces More Than $1.21 Billion in Bank of America Penalties
U.S. Treasury announced more than $1.21 billion in enforcement penalties against Bank of America on October 13, 2026. The actions include a $1.2 billion FinCEN assessment, a $750 million OCC penalty and an $11.6 million OFAC settlement concerning 475 apparent sanctions violations.
Read developmentYMCO Leader Pleads Guilty in $10 Million Cybercrime Laundering Case
Oleg Korniev pleaded guilty to five federal offenses tied to Your Mule Cashout. The Justice Department said the network recruited more than 15,000 U.S.-based money mules and laundered at least $10 million stolen from over 750 U.S. bank accounts. Sentencing has not been set.
Read developmentOCC Fines American Express National Bank $350 Million Over AML Failures
The OCC ordered American Express National Bank to cease and desist and assessed a $350 million penalty over BSA/AML program deficiencies. The agency cited control and monitoring failures and approximately $13 billion in suspected trade-based money-laundering activity that the bank failed to sufficiently report.
Read developmentDOJ Directs Fraud Division to Design Whistleblower Incentives
A Justice Department directive orders its National Fraud Enforcement Division to design whistleblower policies for credible fraud tips. The October 1 memorandum also assigns the Corporate Enforcement Section primary responsibility for assessing companies’ compliance with criminal resolutions and sets out corporate enforcement priorities and decision factors.
Read developmentCFTC Seeks Comment on Potential Crypto Transaction and Market Rules
The CFTC is seeking comment on a potential framework for certain retail commodity transactions involving crypto assets. Its October 5 notice also asks about a possible crypto asset market registration subcategory and says feedback may inform future agency action.
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