All FinCEN articles
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News Brief
U.S. BOI efforts earn it upgraded rating from FATF
The United States’s progress on implementing the beneficial ownership information reporting requirements contained within the Corporate Transparency Act earned it praise from the intergovernmental Financial Action Task Force.
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Judge’s ruling calls FinCEN beneficial ownership registry into question
A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.
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FinCEN head touts compliance through enforcement approach
Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.
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FinCEN head: Agency seeking to educate, not punish, BOI reporters
The Financial Crimes Enforcement Network will focus its attention regarding compliance with its new beneficial ownership reporting requirements on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.
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News Brief
FinCEN: BSA data shows spike in crypto-financed human trafficking
Bank Secrecy Act reporting data disclosed by the Financial Crimes Enforcement Network revealed a significant spike in the use of cryptocurrency to finance human trafficking.
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FinCEN to propose applying BSA requirements to investment advisers
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
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Anti-fraud groups praise FinCEN AML proposal for real estate transactions
The Financial Crimes Enforcement Network issued a notice of proposed rulemaking that would require the handlers of all-cash residential real estate transactions in all U.S. cities and counties to disclose the beneficial owners.
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News Brief
FinCEN alert flags Israeli extremists fomenting violence in West Bank
The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
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News Brief
Compliance officer BSA case a cautionary tale for small banks
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
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News Brief
Treasury cites Iraqi bank, owner over terrorist financing concerns
Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.
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News Brief
FinCEN analysis: Most common identity-related suspicious activities
Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.
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Need to know: FinCEN beneficial ownership information reporting
Many reporting companies are still unsure whether their organization is required to file beneficial ownership information with the Financial Crimes Enforcement Network or are completely unaware of the new requirements. For those with questions, we have answers.
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News Brief
FinCEN sets access rules for beneficial ownership registry
The Financial Crimes Enforcement Network made several changes suggested by commenters to a new rule allowing limited access to its beneficial ownership information registry.
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News Brief
FinCEN adopts beneficial ownership reporting extension for 2024 companies
The Financial Crimes Enforcement Network finalized a rule to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
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Binance’s compliance past, future detailed
There are a slew of compliance lessons to be learned from the $4.3 billion settlement that Binance, the world’s largest cryptocurrency exchange, reached with the U.S. government.
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News Brief
Binance pleads guilty, fined $4.3B over widespread U.S. law violations
Federal agencies hit Binance with more than $4.3 billion in penalties and imposed multiple compliance monitorships on the virtual currency exchange as punishment for its repeated and intentional violations of U.S. anti-money laundering laws, sanctions, and other regulations.
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News Brief
FinCEN alert flags Hamas terrorist financing indicators
The Financial Crimes Enforcement Network issued an alert warning financial institutions to be vigilant toward identifying funding streams supporting Hamas in its attacks against Israel.
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News Brief
FinCEN rule proposal labels CVC mixing a primary money laundering concern
The Financial Crimes Enforcement Network might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency mixing under a proposed rule.
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Survey: FinCEN beneficial ownership rule still a mystery to many
A survey of U.S.-based businesses—as well as the law firms and certified public accountants who serve them—uncovered a shocking lack of understanding and preparedness for looming beneficial ownership reporting requirements.
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Shinhan Bank enforcements a lesson in not prioritizing compliance
The recent $25 million in combined penalties levied against South Korean-based Shinhan Bank by three U.S. regulators was the culmination of the bank’s failure over an eight-year period to timely correct deficiencies with its anti-money laundering and Bank Secrecy Act processes.