All FinCEN articles – Page 8
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ArticleWhat casinos, bitcoin tell us about money laundering
During a pair of recent speeches, the director of the Treasury Department’s Financial Crimes Enforcement Network discussed money laundering issues for—and the need for cooperation from—casinos. Another topic: the regulatory perils of virtual currencies.
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Blog
QuantaVerse Financial Crime Report simplifies FinCEN SAR filings
QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, helps financial institutions file timely and accurate suspicious activity reports (SARs) that match FinCEN’s recently revamped SAR filing format in the BSA E-Filing System.
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Blog
FinCEN issues advisory on abuses enabled by political figures
The Financial Crimes Enforcement Network has issued an advisory to U.S. financial institutions to highlight the connection between corrupt senior foreign political figures and their enabling of human rights abuses.
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Blog
FinCEN’s due diligence rule now in effect
FinCEN has issued a reminder to financial institutions and their customers that its new customer due diligence requirements took effect on May 11. The agency also clarified its exemptive relief for certain insurance arrangements.
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Article
With compliance creeping up fast, FinCEN guidance complicates its new rule
By May 11, banks and others in the financial services industry will need to comply with new customer due diligence rules. Recent guidance, banks say, both helped and complicated late-stage compliance efforts.
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Blog
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.
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Blog
“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.
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Blog
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.
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Blog
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.
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Blog
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?
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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.
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Blog
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.
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Blog
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.
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Blog
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.
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Blog
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.
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BlogPost ‘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 ...
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Blog
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 ...
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Blog
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.
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Blog
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 ...
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Blog
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.