FinCEN

Threshold for the Requirement To Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the United States, and Clarification of the Requirement To Collect, Retain, and Transmit Information on Transactions Involving Convertible Virtual Currencies and Digital Assets With Legal Tender Status

October 27, 2020 0

Title: Threshold for the Requirement To Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the United States, and Clarification of the Requirement To Collect, Retain, and […]

Proposal would amend recordkeeping, travel rules under BSA, lowering international transaction base

October 23, 2020 0

Amending the recordkeeping and travel rule regulations under the Bank Secrecy Act is the focus of a proposed rule issued Friday by the Federal Reserve and the Treasury’s financial law enforcement arm. The Fed and […]

FinCEN sets $60 million fine against convertible virtual currency exchanger over BSA violations

October 19, 2020 0

A $60 million civil money penalty was assessed against the founder, administrator, and primary operator of Helix and Coin Ninja – convertible virtual currency “mixers” or “tumblers” – by the Financial Crimes Enforcement Network (FinCEN) […]

Advisory boosts scrutiny of suspected unemployment insurance fraud

October 13, 2020 0

Unemployment insurance fraud related to the coronavirus crisis has earned the attention of the Treasury’s financial law enforcement arm, as the agency Tuesday issued an advisory urging financial institutions to be on the alert for […]

Agencies exempt loans for property, casualty insurance policies from customer ID program rules

October 9, 2020 0

An exemption from the requirements of the customer identification program (CIP) rules for loans extended by banks and credit unions and their subsidiaries to all customers to facilitate purchases of property and casualty insurance policies […]

Report outlines key tools law enforcement using to follow, prosecute money laundering

October 6, 2020 0

Telling money launderers to “beware” that the Treasury’s anti-money laundering (AML) division has many ways to thwart criminals trying to hide illicit cash, the congressional watchdog Tuesday published a digest of two recent reports from […]

Advisories by FinCEN, OFAC seek to combat rising incidence of ransomware, effect on business

October 1, 2020 0

Assisting U.S. individuals and businesses in efforts to combat the increasing incidence of ransomware scams and attacks is the aim of a pair of advisories issued Thursday by the Treasury Department. The advisories were released […]

FinCEN publishes Spanish version of ‘red flags’ advisory on COVID-19-related cybercrime

September 28, 2020 0

A Spanish version of its July 30 advisory issued to help financial institutions identify, prevent, and report potential cybercrime and cyber-enabled crime exploiting the COVID-19 pandemic was announced Monday by Treasury’s financial crimes enforcement unit. […]

Smaller banks pay more for BSA compliance, report finds; better policies would help share more AML info

September 22, 2020 0

Costs to financial institutions for complying with Bank Secrecy Act/anti-money laundering (BSA/AML) requirements generally tend to be proportionally greater for smaller banks than for larger banks, the congressional watchdog said in a report issued Tuesday. […]

Anti-Money Laundering Program Effectiveness

September 17, 2020 0

Title: Anti-Money Laundering Program Effectiveness Subject: AML programs Agency: FinCEN (Treasury) Status: ANPR Summary: This document from the Financial Crimes Enforcement Network (FinCEN) seeks public comment on potential regulatory amendments to establish that all covered […]

Proposal would amend recordkeeping, travel rules under BSA, lowering international transaction base

FinCEN sets $60 million fine against convertible virtual currency exchanger over BSA violations

Advisory boosts scrutiny of suspected unemployment insurance fraud

Agencies exempt loans for property, casualty insurance policies from customer ID program rules

Report outlines key tools law enforcement using to follow, prosecute money laundering

Advisories by FinCEN, OFAC seek to combat rising incidence of ransomware, effect on business

FinCEN publishes Spanish version of ‘red flags’ advisory on COVID-19-related cybercrime

Smaller banks pay more for BSA compliance, report finds; better policies would help share more AML info

Anti-Money Laundering Program Effectiveness

Credit union regulator notes flood assistance available to Texas institutions in come cases

FL credit union seeks to serve 6.3-million-person community; hearing slated for September

Floods in Texas prompt closure notice for banks in affected areas, OCC announces

Violations in 2024 of TIL and flood insurance once again were tops for banks; HMDA abuses move up the charts

7 banks ‘outstanding,’ 64 ‘satisfactory’ for CRA, FDIC reports in latest disclosure