The Financial Crimes Enforcement Network (FinCEN) ended the requirement that small businesses report beneficial ownership information (BOI) but neither businesses nor banks should consider themselves off the hook about BOI, experts said. FinCEN announced Aug. 11 it was killing the BOI rule, a mandate that certain small businesses report information about any persons holding […]
FinCEN
Posted inBest Practices
Record-setting AML penalty against UBS was years in the making
FinCEN and several other regulators levied a combined $125 million penalty against UBS Financial Services (UBSFS), a broker-dealer and futures commission merchant, due to a series of long-standing compliance failures. The total penalty was a joint effort of federal regulators, including FINRA ($20 million), the Securities and Exchange Commission ($20 million), and the Commodity Futures Trading […]
Posted inRegulatory Policy
FinCEN ends beneficial ownership reporting for most small businesses
Tens of millions of U.S. small businesses will not be required to disclose who owns their businesses, under a final FinCEN decision killing beneficial ownership information reporting.
Posted inFinancial Services
UBS hit with record $125M civil penalty for ‘willful’ BSA violations
UBS Financial Services was slapped with a record $125 million joint civil penalty by four regulatory agencies for willful violations of the Bank Secrecy Act, including a failure to implement and maintain an anti-money laundering compliance program and failure to file suspicious activity reports.
