All FinCEN articles – Page 3
-
PremiumAnti-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.
-
News BriefFinCEN 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.
-
News BriefCompliance 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.
-
News BriefTreasury 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.
-
News BriefFinCEN 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.
-
PremiumNeed 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.
-
News BriefFinCEN 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.
-
News BriefFinCEN 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.
-
PremiumBinance’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.
-
News BriefBinance 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.
-
News BriefFinCEN 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.
-
News BriefFinCEN 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.
-
PremiumSurvey: 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.
-
PremiumShinhan 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.
-
PremiumFinCEN crafting rule proposal for AML and sanctions whistleblower program
Andrea Gacki, the new director at the Financial Crimes Enforcement Network, said the agency is working to issue a notice of proposed rulemaking regarding the establishment of an anti-money laundering and sanctions whistleblower program.
-
News BriefShinhan Bank America fined $25M for repeat AML compliance failures
The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.
-
News BriefFinCEN proposes beneficial ownership reporting extension for 2024 companies
The Financial Crimes Enforcement Network announced a notice of proposed rulemaking to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
-
News BriefFinCEN publishes beneficial ownership guidance for small businesses
Nearly three months from the effective date of its beneficial ownership reporting rule, the Financial Crimes Enforcement Network released guidance for small businesses to determine whether they must comply and what information they might be required to provide.
-
News BriefFinCEN fines P.R.-based Bancredito $15M in landmark AML action
Puerto Rico-based Bancrédito International Bank and Trust Corporation was assessed a $15 million penalty by the Financial Crimes Enforcement Network for admitted violations of the Bank Secrecy Act regarding suspicious activity monitoring and anti-money laundering compliance.
-
News BriefFinCEN analysis: Trends in Russia export control evasion attempts
Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.