All FinCEN articles – Page 2

  • Blog post

    FinCEN gives guidance on sharing SARs

    2017-01-05T15:15:00Z

    The Financial Crimes Enforcement Network has clarified when a casino can share Suspicious Activity Reports and to whom it can provide the information. Joe Mont reports.

  • Blog post

    As states legalize pot, FinCEN urged to update guidance

    2016-12-14T16:30:00Z

    A bipartisan team of U.S. senators is urging the Treasury Department to take further action to ensure that vendors working with legal marijuana businesses do not have their banking services taken away, writes Joe Mont.

  • Blog post

    FinCEN wants cyber-attack data in SARs

    2016-11-04T11:30:00Z

    New guidance from the Financial Crimes Enforcement Network addresses the inclusion of information about both attempted and successful cyber-attacks in Suspicious Activity Reports.

  • Blog post

    FinCEN wants to extend AML programs to all banks

    2016-08-25T17:00:00Z

    Banks lacking a Federal functional regulator have been hit with proposed rules by the Treasury Department’s Financial Crimes Enforcement Network that would require them to implement anti-money laundering programs. Joe Mont has more.

  • MossackFonseca_0
    Blog post

    Post ‘Panama Papers,’ Treasury sets rulemaking agenda

    2016-05-06T11:45:00Z

    In the wake of the “Panama Papers” scandal, Treasury Department officials pledged a focus on issues related to shell companies and beneficial ownership. Making good on that promise, says Joe Mont, the agency has announced several actions, including: a customer due diligence final rule; proposed legislation on beneficial ownership, and ...

  • Blog post

    FinCEN fines Sparks Nugget casino $1 million for AML violations

    2016-04-11T12:00:00Z

    The Financial Crimes Enforcement Network (FinCEN) recently slapped a $1 million civil money penalty on Sparks Nugget casino for willfully violated the anti-money laundering provisions of the Bank Secrecy Act. “Despite the fact that it hosted convicted embezzlers and had been repeatedly alerted to suspicious transactions by its own BSA ...

  • Blog post

    FinCEN withdraws three findings and proposed rulemakings under PATRIOT Act

    2016-02-23T12:45:00Z

    The Financial Crimes Enforcement Network this week said it is withdrawing three findings and related proposed rulemakings under Section 311 of the USA PATRIOT Act, after having determined that the subjects of the rulemakings no longer pose a money laundering threat to the U.S. financial system.

  • Blog post

    FinCEN Takes Aim at Real Estate Industry

    2016-01-25T13:15:00Z

    Compliance officers, beware: the Financial Crimes Enforcement Network’s increasingly aggressive push to combat money laundering has entered a new phase, and this time it has its sights on high-end real estate transactions. “We are seeking to understand the risk that corrupt foreign officials, or transnational criminals, may be using premium ...

  • Blog post

    Former FinCen Chief Counsel Joins Crowell & Moring

    2016-01-19T08:45:00Z

    Law firm Crowell & Moring has named Carlton Greene as partner in both its International Trade and White Collar & Regulatory Enforcement Groups. Greene joins the firm after serving as chief counsel of the U.S. Department of the Treasury, Financial Crimes Enforcement Network.

  • Blog post

    FinCEN Fines First Card Club for Bank Secrecy Act Violations

    2015-12-23T09:30:00Z

    The Financial Crimes Enforcement Network this week announced its first settlement with, and assessment against, a “card club” gaming establishment for violations of the Bank Secrecy Act (BSA). The settlement and FinCEN’s assessment requires Oaks Card Club to pay a fine of $650,000 for willful violations of the BSA.

  • Blog post

    U.S. and China to Expand AML Collaboration

    2015-12-14T14:30:00Z

    The U.S. Treasury Department’s Financial Crimes Enforcement Network and the China Anti-Money Laundering Monitoring and Analysis Center last week signed a Memorandum of Understanding to create a framework to facilitate expanded U.S.- China cooperation between both nations’ financial intelligence units. According to the Treasury Department, the arrangement provides a mechanism ...

  • Blog post

    FinCEN Proposes AML Regulations for Investment Advisers

    2015-08-25T13:45:00Z

    The Treasury Department’s Financial Crimes Enforcement Network is proposing a rule that would require investment advisers to establish anti-money laundering programs, file Currency Transaction Reports, and report suspicious activity. While the Bank Secrecy Act does not expressly include “investment adviser” among its list of entities defined as a financial institution, ...

  • Article

    Firms Prepare for Heightened AML, Due Diligence Expectations

    2015-07-21T14:45:00Z

    Expect an even greater focus on anti-money laundering efforts in upcoming examinations by the SEC and Financial Industry Regulatory Authority. That was the message from speakers at a “Compliance Outreach Program” the Securities and Exchange Commission hosted for financial firms last week. What’s more: New Treasury Department rules that could ...

  • Article

    U.S. Failures to Track Beneficial Owners Create AML Headaches Internationally

    2015-07-07T14:45:00Z

    Image: Despite the forward march in Europe and elsewhere to fight money laundering, a problem remains: Here at the largest economy in the world, state incorporation laws in the United States create a massive loophole that bad actors can exploit. “It’s a huge problem not just for the United States ...

  • Blog post

    FinCEN Fines First Virtual Currency Exchanger

    2015-05-08T10:15:00Z

    The Financial Crimes Enforcement Network fined Ripple Labs and its subsidiary, XRP II, $700,000 for violations of the Bank Secrecy Act while engaging in the exchange of virtual currency and for failing to establish and maintain an appropriate anti-money laundering program—the first civil enforcement action against a virtual currency exchanger. ...

  • Blog post

    FinCEN Targets Money Laundering in Real Estate Deals

    2015-05-06T16:45:00Z

    Image: Expect a greater focus on the use of real estate holdings as a vehicle for money laundering, Jennifer Shasky Calvery, director of FinCEN, said recently. The goal: “Make it more difficult for criminals to hide their purchases of luxury real estate through the use of shell companies.” Moreover, she ...

  • Blog post

    FinCEN Advisory Addresses Jurisdictions With AML Deficiencies

    2015-03-17T14:30:00Z

    The Treasury Department’s Financial Crimes Enforcement Network this week issued guidance in response to the Financial Action Task Force’s updated list of jurisdictions with Anti–Money Laundering and Counter–Terrorist Financing (AML/CFT) deficiencies. “Financial institutions should consider these changes when reviewing their enhanced due diligence obligations and risk–based policies, procedures, and practices ...

  • Blog post

    Podcast: Casinos Double Down on Anti-Money Laundering Compliance

    2015-01-12T13:00:00Z

    Casinos have traditionally had a less-than-stellar track record when it comes to their anti-money laundering efforts. But now, amid increased scrutiny on AML compliance by regulators, the American Gaming Association has released its first-ever AML best practices guidebook. In our latest podcast, we talk to Fred Curry, a principal in ...

  • Article

    Regulators Publish Latest Thinking on AML Compliance

    2014-12-16T12:45:00Z

    Image: Financial regulators have just updated their examination manual for anti-money laundering compliance, giving financial firms plenty of holiday reading on how they should structure their AML programs. “The big changes are in areas where things have moved forward: virtual currency, prepaid cards, changes in the SAR rules, aggregation for ...