All FinCEN articles – Page 3

  • Blog post

    ABLV Bank chief compliance officer quits amid money laundering probe


    ABLV Bank announced the resignation of its chief compliance officer, Aleksandrs Paže, at a time when the bank finds itself in hot water for alleged money laundering practices.

  • Blog post

    “FinCEN Exchange” seeks to enhance public-private information-sharing


    The U.S. Department of the Treasury’s Financial Crimes Enforcement Network has launched the FinCEN Exchange program, intended to enhance information-sharing with financial institutions.

  • Blog post

    FinCEN: Beware of laundering Venezuela bribe money


    The Financial Crimes Enforcement Network (FinCEN) issued an advisory, warning banks about widespread public corruption in Venezuela and what methods Venezuelan senior political figures may use to move and hide corruption proceeds.

  • Blog post

    FinCEN escalates crackdown on shell companies


    The Financial Crimes Enforcement Network has expanded efforts to require that title insurance companies identify the true owners behind shell companies used to pay for high-end real estate.

  • Blog post

    The Haider FinCEN enforcement action and CCO liability


    Does the recent FinCEN enforcement action against Thomas Haider, Moneygram’s CCO, portend a shift in Justice Department enforcement strategies?

  • Article

    How compliance, data sharing empower FinCEN’s war on terror and crime


    Addressing Congress, FinCEN Acting Director Jamal El-Hindi discussed how his agency prevents bad actors from infiltrating the financial system.

  • Blog post

    FinCEN gives guidance on sharing SARs


    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


    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


    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


    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


    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


    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


    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


    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


    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


    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


    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


    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


    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


    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 ...