All articles tagged with #fincen
Originally Published 21 days ago — by U.S. Department of the Treasury (.gov)
FinCEN announced a data-driven operation targeting over 100 U.S. money services businesses along the southwest border to combat potential money laundering, utilizing advanced technology and analyzing over one million financial reports to enforce compliance and enhance national security.
Originally Published 3 months ago — by FinCEN.gov
FinCEN has issued FAQs to clarify suspicious activity report (SAR) requirements, aiming to improve the quality of information provided to law enforcement and reduce unnecessary resource expenditure by financial institutions, with a focus on prioritizing significant threats.
Originally Published 3 months ago — by FinCEN.gov
FinCEN has postponed the reporting requirements of the Anti-Money Laundering Regulations for Residential Real Estate Transfers until March 1, 2026, to reduce industry compliance burden while maintaining financial system protections.
Originally Published 4 months ago — by FinCEN.gov
FinCEN warns about Chinese money laundering networks (CMLNs) that facilitate illicit activities like drug trafficking, human trafficking, and real estate fraud in the U.S., highlighting their methods, scope, and red flags for detection, with a focus on their relationship with Mexico-based drug cartels and Chinese citizens evading currency laws.
Originally Published 5 months ago — by FinCEN.gov
FinCEN has issued a notice urging financial institutions to monitor and report suspicious activities related to convertible virtual currency kiosks, which are exploited by criminals for fraud, cybercrime, and drug trafficking, emphasizing the importance of compliance with the Bank Secrecy Act to prevent illicit activities.
Originally Published 5 months ago — by U.S. Department of the Treasury (.gov)
The U.S. Treasury's FinCEN announced a delay in the implementation of the AML Rule for investment advisers, postponing its effective date from January 1, 2026, to January 1, 2028, to allow for a review and better tailoring to the sector's diverse risk profiles, while also providing regulatory certainty during the transition.
Originally Published 6 months ago — by U.S. Department of the Treasury (.gov)
The U.S. Treasury's FinCEN has issued historic orders targeting three Mexico-based financial institutions—CIBanco, Intercam, and Vector—for their roles in facilitating money laundering linked to fentanyl trafficking and Mexican cartels, marking the first actions under the FEND Off Fentanyl Act to combat illicit opioid trade and disrupt cartel financial networks.
Originally Published 1 year ago — by Quartz
Small businesses could face fines up to $10,000 and potential imprisonment for failing to meet a new federal reporting requirement under the Corporate Transparency Act (CTA), which mandates the submission of a Beneficial Ownership Information (BOI) Report to FinCEN by January 1, 2025. The law, aimed at increasing transparency and combating illicit finance, affects over 32 million businesses. Critics argue that FinCEN has not provided sufficient guidance, and a federal court recently ruled the law unconstitutional, temporarily blocking its enforcement.
Originally Published 1 year ago — by Forbes
A U.S. District Court in Texas has blocked the enforcement of the Corporate Transparency Act's (CTA) beneficial ownership reporting requirements, leading FinCEN to state that such reports are now voluntary. The ruling, which deemed the CTA likely unconstitutional, has prompted the U.S. government to appeal. The CTA, aimed at preventing illicit activities through shell companies, requires detailed ownership information from businesses, but enforcement is currently halted nationwide due to the injunction. The case may ultimately be resolved by the Supreme Court.
Originally Published 1 year ago — by Foley & Lardner LLP
A federal court in Texas has issued a nationwide preliminary injunction preventing the enforcement of the Corporate Transparency Act (CTA), which mandates U.S. companies to disclose beneficial ownership information to FinCEN. The court found that the plaintiffs, who argued that Congress overstepped its constitutional authority, are likely to succeed in their claims. This injunction halts the CTA's enforcement, including the January 2025 reporting deadline, pending further legal proceedings.
Originally Published 1 year ago — by CoinDesk
A report from the U.S. Department of the Treasury's FinCEN revealed a surge in the use of cryptocurrency, particularly bitcoin, in crimes related to human trafficking and the sexual exploitation of children, with 2,311 reported cases totaling over $412 million in 2020 and 2021. The majority of cases involved the exchange of crypto for "child sexual abuse material," often conducted over darknet marketplaces and through crypto kiosks or mixers. While the data examined predates recent market fluctuations, the report suggests that increased awareness and vigilance from financial institutions may have contributed to the rise in reported criminal use of cryptocurrencies.
Originally Published 1 year ago — by CNBC
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has proposed new regulations to extend anti-money laundering (AML) rules to certain investment advisers, requiring them to file Suspicious Activity Reports (SARs) and disclose additional client information. The rules would apply to SEC-registered investment advisers, aiming to address gaps in AML regulations that have allowed illicit actors to exploit U.S. investment advisers for money laundering and other criminal activities. FinCEN's move marks the third attempt to expand AML provisions to cover investment advisers and comes amid a surge in the use of investment advisors for illicit finance, including by nation-state actors like Russia and China.
Originally Published 1 year ago — by FinCEN
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has proposed a rule to apply comprehensive anti-money laundering and countering the financing of terrorism measures to certain investment advisers, including registered investment advisers (RIAs) and exempt reporting advisers (ERAs). The proposed rule aims to address the vulnerability of the investment adviser sector to illicit finance activity, enhance transparency, and protect the U.S. financial system against abuse by money launderers and other bad actors. The rule would require covered investment advisers to implement AML/CFT programs, file suspicious activity reports, and fulfill other obligations under the Bank Secrecy Act. The comment period for the proposed rule is open until April 15, 2024.
Originally Published 1 year ago — by FinCEN
The U.S. Department of the Treasury's FinCEN has proposed a rule to combat illicit finance and national security threats in the investment adviser sector by requiring certain advisers to adhere to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. This rule aims to add transparency to the financial system, assist law enforcement in identifying illicit proceeds, and level the regulatory playing field to protect the U.S. economic and national security. The proposed rule would classify investment advisers as "financial institutions" under the Bank Secrecy Act, requiring them to implement AML/CFT programs, file suspicious activity reports, and fulfill recordkeeping requirements. FinCEN is seeking public comments on the proposed rule until April 15, 2024.
Originally Published 1 year ago — by The Associated Press
The Biden administration is aiming to increase transparency in residential real estate transactions to combat money laundering by proposing a regulation that would require real estate professionals to report information about non-financed sales of residential real estate to legal entities, trusts, and shell companies. The Treasury Department's Financial Crimes Enforcement Network (FinCEN) sees this as a crucial step in curbing abuse of the real estate sector and safeguarding economic and national security. The move is part of a broader effort to prevent illicit actors from using real estate to launder money, with the White House also planning to launch real estate recordkeeping requirements.