All FinCEN articles – Page 4
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News BriefFinCEN alerts banks to payroll tax, workers’ compensation schemes
The Financial Crimes Enforcement Network issued a notice to financial institutions regarding its observations of increasing payroll tax evasion and workers’ compensation fraud taking place in the U.S. residential and commercial real estate construction industries.
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PremiumABA resolution latest effort to separate lawyers from clients’ crimes
Under increasing pressure from federal lawmakers and regulators, the American Bar Association agreed to strengthen the obligations lawyers must meet when weighing whether to stop representing clients who might be using their services to commit financial crimes.
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ArticleThe importance of quality SARs
Good suspicious activity reports make it easier for financial intelligence units to prioritize and process investigations, enabling better results in the global fight against financial crime.
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News BriefOFAC head Andrea Gacki shifted to lead FinCEN
Treasury Secretary Janet Yellen announced the appointment of Andrea Gacki as director of the Financial Crimes Enforcement Network.
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News BriefU.S. reinvigorates anti-Russia push with new sanctions, guidance
The United States once again ratcheted up sanctions against Russia in an attempt to further choke off the funds and military supplies the country is using in its war against Ukraine.
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News BriefFinCEN annual report: How DOJ, IRS use SARs to aid probes
The Financial Crimes Enforcement Network’s year in review for fiscal year 2022 provides details on how other U.S. agencies use information derived from the millions of suspicious activity reports filed each year to support their enforcement efforts.
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News BriefKingdom Trust fined $1.5M over ‘substantially inadequate’ AML controls
South Dakota-based Kingdom Trust Co. agreed to pay a $1.5 million fine to the Financial Crimes Enforcement Network for anti-money laundering deficiencies that resulted in violations of the Bank Secrecy Act.
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News BriefFinCEN mulling beneficial ownership reporting changes amid criticism
The reporting requirements of the beneficial ownership information registry being developed by the Financial Crimes Enforcement Network will likely be revised following harsh criticism from lawmakers and businesses.
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News BriefCrypto exchange Bitzlato shut down, labeled ‘money laundering concern’
The Financial Crimes Enforcement Network designated Bitzlato, a Hong Kong-registered cryptocurrency exchange, as a “primary money laundering concern” in the first use of a law that targets entities that facilitate illicit Russian financial transactions.
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News BriefFinCEN projects $22.7B for beneficial ownership reporting Year 1 costs
The Financial Crimes Enforcement Network estimated it will cost reporting companies a total of $22.7 billion to comply with the requirements of the agency’s beneficial ownership registry in its first year.
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ArticleFinCEN report identifies financial trends of Russian oligarchs
The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.
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ArticleAML 2023 preview: Regs not backing down on beneficial ownership, tech needs
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.
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ArticleFinCEN proposes restricted access to beneficial ownership registry
The Treasury Department’s Financial Crimes Enforcement Network released a notice of proposed rulemaking that outlines what agencies and entities should be allowed to access the beneficial ownership registry that is in the works.
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ArticleFinCEN: U.S. banks paid $1.2B to ransomware criminals last year
Banks reported paying a record $1.2 billion to ransomware criminals in 2021, the Financial Crimes Enforcement Network announced.
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ArticleBittrex to pay $29M for BSA violations in landmark FinCEN, OFAC case
Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.
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ArticleFinCEN finalizes beneficial ownership rule, reporting requirements
The Financial Crimes Enforcement Network finalized its beneficial ownership rule, which will require certain reporting companies to file basic information with the agency about who controls their finances.
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ArticleFinCEN/BIS alert flags Russia export control evasion indicators
The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.
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ArticleFinCEN launches rulemaking on no-action letter process
The Financial Crimes Enforcement Network launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism and compliance functions.
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ArticleWhistleblower: USAA ‘actively lying to regulators for years’ regarding violations of law
Senior executives at USAA ignored warnings from compliance staff and consultants for years regarding violations of U.S. federal banking laws and hid from regulators the scope of the company’s illegal practices, a former USAA director of compliance turned whistleblower told Compliance Week.
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ArticleFinCEN advisory highlights Russian kleptocracy concerns
The Financial Crimes Enforcement Network issued an advisory offering red flag indicators of kleptocracy and foreign corruption, noting Russia as a country of “particular concern.”