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Fincen

All articles tagged with #fincen

FinCEN Proposes Cutting MBaer Off from U.S. Banking Ties Over Iran and Russia Links
finance2 days ago

FinCEN Proposes Cutting MBaer Off from U.S. Banking Ties Over Iran and Russia Links

FinCEN proposed a rule under the USA PATRIOT Act to prohibit U.S. financial institutions from opening or maintaining a correspondent account for MBaer Merchant Bank AG, citing its alleged role in moving funds for illicit actors tied to Iran and Russia and over $100 million funneled through the U.S. financial system; the rule would effectively sever MBaer’s access to the U.S. financial system and invites public comments within 30 days of publication.

via U.S. Department of the Treasury (.gov)|
#finance#fincen#illicit-finance
FinCEN Opens Confidential Whistleblower Channel with Rewards for Financial Crimes
business14 days ago

FinCEN Opens Confidential Whistleblower Channel with Rewards for Financial Crimes

FinCEN launched a confidential whistleblower tip portal for fraud, money laundering, and sanctions violations, offering rewards for tips that lead to enforcement. In Minnesota, Treasury announced anti-fraud actions including probing Money Services Businesses, speeding reporting to support prosecutions and recover laundered funds, disrupting fraud rings tied to child nutrition programs, and training law enforcement to use financial data; the IRS will form a dedicated fraud task force to address misuse of 501(c)(3) funds.

via U.S. Department of the Treasury (.gov)|
#business#fincen#fraud
business14 days ago

FinCEN Eases Beneficial Ownership Checks for New Accounts

FinCEN issued an exceptive relief order that relaxes the requirement to identify and verify the beneficial owners of legal entity customers with every new account, limiting the checks to initial openings and cases where ownership information is called into question or required by risk‑based ongoing due diligence, while preserving all other AML/CFT obligations under the Bank Secrecy Act.

via FinCEN.gov|
#aml#bank-secrecy-act#beneficial-ownership
government6 months ago

FinCEN Warns on Chinese Money Laundering Networks

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.

via FinCEN.gov|
#chinese-money-laundering-networks#cmln#financial-crimes
Treasury Delays and Reassesses Investment Adviser AML and Compliance Rules
government7 months ago

Treasury Delays and Reassesses Investment Adviser AML and Compliance Rules

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.

via U.S. Department of the Treasury (.gov)|
#aml-rule#fincen#government
US Sanctions Mexican Banks Over Fentanyl and Cartel Ties
world8 months ago

US Sanctions Mexican Banks Over Fentanyl and Cartel Ties

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.

via U.S. Department of the Treasury (.gov)|
#fentanyl#fincen#mexico
Small Businesses Risk $10,000 Fines for Missing Federal Reporting Deadline
business1 year ago

Small Businesses Risk $10,000 Fines for Missing Federal Reporting Deadline

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.

via Quartz|
#business#corporate-transparency-act#fincen
Court Halts Corporate Transparency Act Reporting Requirements Nationwide
law1 year ago

Court Halts Corporate Transparency Act Reporting Requirements Nationwide

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.

via Forbes|
#beneficial-ownership#corporate-transparency-act#court-ruling
Federal Court Halts Nationwide Enforcement of Corporate Transparency Act
law1 year ago

Federal Court Halts Nationwide Enforcement of Corporate Transparency Act

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.

via Foley & Lardner LLP|
#beneficial-ownership#corporate-transparency-act#federal-court
"Rise in Bitcoin Use for Human Trafficking and Child Exploitation: FinCEN Report"
cryptocurrency-crime2 years ago

"Rise in Bitcoin Use for Human Trafficking and Child Exploitation: FinCEN Report"

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.

via CoinDesk|
#bitcoin#child-exploitation#crypto
"U.S. Treasury Proposes New Anti-Money Laundering Rules for Investment Advisers"
finance2 years ago

"U.S. Treasury Proposes New Anti-Money Laundering Rules for Investment Advisers"

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.

via CNBC|
#anti-money-laundering-regulations#finance#financial-crimes