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21 Sep 2016, 9:30 am
On the day after his appointment in August 2016, the Associate Director for Enforcement for the Financial Crimes Enforcement Network (FinCEN), Thomas Ott, addressed the National Title 31 Suspicious Activity & Risk Assessment Conference in Las Vegas, Nevada. [read post]
30 Sep 2016, 6:11 am
Since 2002, as part of their anti-money laundering (“AML”) responsibilities, broker/dealers have had a gatekeeper-like obligation to monitor customers for “suspicious” activities and to report those activities to the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). [read post]
29 Mar 2022, 11:25 am
” The nature of these crimes, Kohn notes, makes their impact much more catastrophic than something strictly financial. [read post]
21 Feb 2023, 9:00 am
In 2022, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) began to publish rules in its efforts to begin enforcement of the CTA likely beginning on January 1, 2024. [read post]
8 Dec 2014, 2:03 pm
In recent years, the Financial Crimes Enforcement Network (“FinCEN”) and federal regulators of the financial services industry have more aggressively enforced the Bank Secrecy Act (“BSA”) and the economic sanctions imposed by the US Treasury’s Office of Foreign Assets Control (“OFAC”). [read post]
The DOJ Announces Largest Elder Fraud Sweep After Reports of Increasing Elder Financial Exploitation
8 Mar 2019, 1:54 pm
Broker-dealers and other financial institutions file suspicious activity reports with the U.S Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) in compliance with the federal Bank Secrecy Act. [read post]
26 Aug 2015, 5:49 am
After years of talking about it, the Financial Crimes Enforcement Network (FinCEN) issued a proposed a rule requiring certain investment advisers to establish anti-money laundering programs and report suspicious activity to FinCEN. [read post]
6 Jul 2015, 7:28 am
In a recent post we described a number of steps taken over the last year by the primary federal regulator for casinos – the Financial Crimes Enforcement Network (FinCEN) – that should cause casino operators to have Title 31 and Bank Secrecy Act (BSA) compliance among their top priorities. [read post]
16 May 2021, 6:46 am
On April 5, 2021, the Financial Crime Enforcement Network (FinCEN), the enforcement arm of the United States Treasury, issued an Advance Notice of Proposed Rulemaking (Notice) seeking comment on the implementation of the Corporate Transparency Act (Act). [read post]
27 Apr 2022, 11:58 am
House of Representatives Committee on Financial Services is holding a hearing “Oversight of the Financial Crimes Enforcement Network. [read post]
16 May 2018, 7:17 pm
But, according to the official who leaked the report, these SARs were absent from the database maintained by the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN. [read post]
25 Jul 2016, 1:40 pm
On July 19, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued FAQs regarding the customer due diligence requirements (“CDD”) that it published on May 11, 2016, for certain financial institutions, including brokers, dealers, future commission merchants and introducing brokers in commodities. [read post]
11 Apr 2016, 8:26 am
On April 4, 2016, the Financial Crimes Enforcement Network, a bureau of the Department of the Treasury (“FinCEN”), proposed amendments to the definitions of ‘‘broker or dealer in securities’’ and ‘‘broker-dealer’’ under the regulations implementing the Bank Secrecy Act (“BSA”). [read post]
7 Jan 2014, 11:52 am
Reblogged from Risk Operations Compliance: The Financial Crimes Enforcement Network (FinCEN) today fined J.P. [read post]
23 Aug 2017, 11:24 am
By Christine Scheuneman The Financial Crimes Enforcement Network (FinCEN) announced on August 22, 2017, that it is expanding its earlier Geographic Targeting Orders (GTO) that require U.S. title insurance companies to identify the natural persons who are behind shell companies used to buy high-end residential real estate. [read post]
16 Jan 2012, 10:17 am
The Financial Crimes Enforcement Network (“FinCEN”) recently assessed the maximum possible civil penalty against a former bank official in California, Frank Mendoza, who had intentionally disclosed the existence of a Suspicious Activity Report (a “SAR”) to the subject person of the SAR. [read post]
4 Dec 2012, 10:59 am
On November 29, the Fed and the Financial Crimes Enforcement Network, a bureau of the Treasury, proposed amended definitions of “funds transfer” and “transmittal of funds” under the regulations implementing the Bank Secrecy Act. [read post]
22 Jul 2011, 6:48 pm
The Financial Crimes Enforcement Network (FINCEN) announced this week that you can now file an FBAR (Form TD F 90-22.1) electronically. [read post]
26 Oct 2020, 9:00 am
On October 9, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and National Credit Union Administration (NCUA), with approval from the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), issued a revised order exempting premium finance loans (loans made to facilitate a borrower’s purchase of property and casualty… [read post]
7 Mar 2024, 10:22 am
Beginning on January 1, 2024, the Corporate Transparency Act (the “CTA”) requires each domestic and foreign entity that qualifies as a “reporting company” to file a Beneficial Ownership Information Report (“BOIR”) with the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”), which discloses information about the reporting company, the reporting company’s beneficial owners, and the… [read post]
