On December 14, the Financial Crimes Enforcement Network (“FinCEN”) issued a request for information (“RFI”), seeking comment on ways to “streamline, modernize, and update” the anti-money laundering (“AML”) and...more
On September 23, the Financial Crimes Enforcement Network (“FinCEN”) issued an advance notice of proposed rulemaking (“ANPRM”) to solicit comment on questions related to the implementation of anti-money laundering (“AML”)...more
Fourth and Final Post in a Series on the FATF Plenary Outcomes -
As we have previously blogged, the Financial Action Task Force (“FATF”) held its fourth Plenary on June 21-25, inviting delegates from around the world to...more
On December 18, the Financial Crimes Enforcement Network (“FinCEN”) issued a proposal to impose on banks and money service businesses (“affected institutions”) a new set of rules for digital currency transactions involving...more
Regulators’ Joint Statement Attempts to Clarify AML Expectations Regarding Potential Corrupt Actors -
On August 21, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and other banking regulators –...more
9/4/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Customer Due Diligence (CDD) ,
FATF ,
Financial Institutions ,
FinCEN ,
Joint Statements ,
Politically Exposed Person (PEPs) ,
Risk-Based Approaches
FinCEN Director Kenneth A. Blanco delivered prepared remarks on September 24 at the 2019 Federal Identity (FedID) Forum and Exposition in Tampa, Florida. Director Blanco summarized the topics of his remarks by stating the...more
9/27/2019
/ Acting Directors ,
Authentication ,
Bank Secrecy Act ,
Business E-Mail Compromise (BEC) ,
Cyber Policies ,
Cybersecurity ,
FinCEN ,
Hackers ,
National Security ,
Personally Identifiable Information ,
Popular ,
Suspicious Activity Reports (SARs)
The Issue of Who Truly Runs and Owns Entities Contines to Gnaw at Congress and Law Enforcement -
First Post in a Two-Post Series on the ILLICIT CASH Act -
On June 10, a bipartisan group of lawmakers in the U.S. Senate...more
6/20/2019
/ Bank Secrecy Act ,
Beneficial Owner ,
BSA/AML ,
Financial Crimes ,
Financial Regulatory Reform ,
FinCEN ,
Legislative Agendas ,
Money Laundering ,
Proposed Legislation ,
Regulatory Requirements ,
Transparency
“V-bucks,” the in-game virtual value currency of the wildly popular video game, Fortnite, is reportedly being used to launder the proceeds of stolen credit cards....more
1/30/2019
/ BSA/AML ,
Dark Web ,
Digital Assets ,
Financial Crimes ,
Financial Transactions ,
FinCEN ,
Mobile Apps ,
Money Laundering ,
Money Services Business ,
Money Transmitter ,
Online Gaming ,
Regulatory Standards ,
Video Games ,
Virtual Currency
Charges Represent First Criminal Case Based Solely on Alleged Unauthorized SAR Disclosure -
On October 17, the U.S. Attorney for the Southern District of New York (“SDNY”) announced the arrest of a senior employee at the...more
Critics Bemoan Removal of Potential Weapon Against Shell Companies -
Last week, and on the eve of a scheduled markup of the original bill in the House Financial Services Committee, a new draft of the Counter Terrorism and...more
6/21/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Customer Due Diligence (CDD) ,
Deregulation ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Legislative Agendas ,
Proposed Legislation ,
Reporting Requirements ,
Transparency
As the value of bitcoin continues to soar (USD:BTC this past weekend exceeded $19,000.00:1), we thought that now would be a good time to emphasize the need to ensure regulatory compliance with the many federal and state AML...more
12/22/2017
/ Anti-Money Laundering ,
Bitcoin ,
BitLicense ,
BSA/AML ,
Cryptocurrency ,
Digital Currency ,
Financial Services Industry ,
FinCEN ,
Know Your Customers ,
Money Services Business ,
Virtual Currency
2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more
2/3/2017
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
BSA/AML ,
Casinos ,
Consumer Lenders ,
Customer Due Diligence (CDD) ,
FATF ,
Financial Institutions ,
FinCEN ,
Fines ,
Gambling ,
Gaming ,
Geographic Targeting Order ,
Money Laundering ,
Mortgage Lenders ,
Mortgages ,
NYDFS ,
Offshore Funds ,
Panama Papers ,
Popular ,
Real Estate Market ,
Suspicious Activity Reports (SARs) ,
Tax Evasion