All Treasury Department articles
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Judge’s ruling calls FinCEN beneficial ownership registry into question
A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.
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Treasury touts AI-enabled fraud recoveries totaling $375M
The Treasury Department announced its success using artificial intelligence to track down instances of check fraud—a potential preview of the results that might come if the agency applies AI in other enforcement-related circumstances.
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Anti-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.
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OCC offers compliance guidance to banks on ‘buy now, pay later’ loans
New guidance from the Office of the Comptroller of the Currency advises banks to tailor their risk management strategies and lending oversight for “buy now, pay later” plans.
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Binance’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.
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FSOC framework details considerations of financial stability risks
A new analytic framework approved by the Financial Stability Oversight Council seeks to provide further clarity into how the U.S. financial system is monitored for potential financial stability risks.
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Treasury eases Venezuela sanctions amid electoral progress
The U.S. Treasury Department dialed back certain of its sanctions against Venezuela after the latter’s government and an opposition faction agreed to work together toward the prospect of a presidential election in 2024.
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UAE joins pact with U.S. on cybersecurity cooperation
The United States and United Arab Emirates finalized an agreement to work together to safeguard the financial sector from cyberattacks.
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FinCEN 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.
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News Brief
New OFAC sanctions expand clamps on Russia tech supply chain
The Office of Foreign Assets Control widened its area of focus to disrupt Russia’s technology supply chain with new sanctions announced against entities in Finland and Turkey.
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Companies get say on Biden executive order restricting China tech investments
President Joe Biden’s recent executive order to restrict certain outbound investments to China offers an opportunity for companies to help shape the program by offering input through comment.
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ABA 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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News Brief
OFAC doubles down on sanctions against Belarusian regime
The Treasury Department’s Office of Foreign Assets Control announced expanded sanctions against the Belarusian regime three years after the country’s disputed 2020 presidential election.
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OFAC 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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Treasury report recommends stricter supervision of insurers’ climate risks
The Treasury Department’s Federal Insurance Office issued a report on gaps in how states supervise and assess climate-related risks among insurers.
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Treasury to review its compliance, enforcement efforts
The Treasury Department announced steps it is taking to improve its own compliance efforts, including a reassessment of the way it pursues enforcement actions.
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U.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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U.S. set to expand sanctions in Sudan
The United States is preparing to issue sanctions on individuals and entities it considers responsible for perpetrating civil unrest in Sudan.
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Treasury teases revising AML/CFT regulations to address ‘de-risking’
The Treasury Department might propose new regulations for financial institutions aimed at discouraging banks from shutting out large swaths of potential banking customers because of risk concerns.
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Treasury: DeFi services vulnerable to AML/CFT, cybersecurity risks
A new U.S. Treasury report concluded that decentralized finance services are being used by bad actors to launder the proceeds of illegal activity, aided by crypto platforms weak or non-existent in anti-money laundering and sanctions compliance programs.