News & Analysis as of December 21, 2024

FinCEN › Suspicious Activity Reports (SARs)

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Five Developments Family Offices Are Watching in 2025

Morgan Lewis on 12/19/2024

As family offices continue to adapt to economic, financial, and technological changes, several ongoing developments are giving family offices plenty consider heading into 2025, including gift and estate tax exemptions, which...more

Deepfake Media FinCEN Fraud Alert

Foodman CPAs & Advisors on 12/9/2024

On 11/13/24, FinCEN issued an alert aimed at assisting financial institutions in recognizing fraudulent schemes linked to the utilization of deepfake media generated by generative artificial intelligence (GenAI) tools. The...more

Federal and State Financial Agencies Issue Guidance on Elder Financial Exploitation

Troutman Pepper on 12/6/2024

Earlier this week, the Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National...more

SEC Enforcement Actions Highlight Anti-Money Laundering Reporting Focus for Financial Gatekeepers

DLA Piper on 12/6/2024

The Securities and Exchange Commission (SEC) announced on November 22, 2024, that three broker-dealers have agreed to settle charges for filing suspicious activity reports (SARs) that failed to include important, required...more

Securities Enforcement Roundup – November 2024

Morgan Lewis on 12/6/2024

IIn this issue of our monthly Securities Enforcement Roundup, we highlight top securities enforcement developments and cases from November 2024. In November 2024: The US Court of Appeals for the DC Circuit issued a decision...more

Enforcement News: Broker-Dealers Settle Charges for Filing Deficient SARs

Freiberger Haber LLP on 12/3/2024

The Bank Secrecy Act (“BSA”) and implementing regulations promulgated by the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) require that broker-dealers file a suspicious activity report (SAR”) with...more

FinCEN Warns of Criminal Use of Deepfake Technology to Circumvent Controls

Davis Wright Tremaine LLP on 11/19/2024

Generative artificial intelligence (AI) holds tremendous promise for financial institutions and their customers. But that promise comes with potential peril, as highlighted in a recent alert issued by the U.S. Treasury...more

FinCEN Warns Financial Institutions of Fraud Schemes Arising from Deepfake Media Using Generative Artificial Intelligence

Mitchell, Williams, Selig, Gates & Woodyard,... on 11/14/2024

Today the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert to help financial institutions identify fraud schemes relying in part on the use of deepfake media created through...more

TD Bank gets $1.3 Billion Penalty from FinCEN

Foodman CPAs & Advisors on 11/5/2024

On 10/10/24, FinCEN assessed a record $1.3 billion penalty against TD Bank for BSA violations. This unprecedented penalty should function as a cautionary message and a warning to all financial institutions. All financial...more

FinCEN Issues Consent Order Against Card Club for “Fundamentally Unsound” AML Program

Ballard Spahr LLP on 10/28/2024

The Financial Crimes Enforcement Network (“FinCEN”) has entered into a Consent Order with the Sahara Dunes Casino, doing business as the Lake Elsinore Hotel and Casino (“Lake Elsinore”). The Consent Order describes Lake...more

Implementing FinCEN Final Rule Imposing Anti-Money Laundering Requirements On Investment Advisers

K2 Integrity on 10/24/2024

On 28 August 2024, the Financial Crimes Enforcement Network (FinCEN) issued its Final Rulemaking to include certain investment advisers in the definition of a “financial institution” under the Bank Secrecy Act (BSA). The...more

First Ever Targeted Guidance On Financial Institutions’ Compliance With Export Administration Regulations

K2 Integrity on 10/22/2024

On 9 October 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) published its first ever unilateral guidance specifically addressed to financial institutions (FIs). The Guidance to Financial...more

TD Bank: Part 4- Watergate, Actual Knowledge and Conscious Indifference

Thomas Fox - Compliance Evangelist on 10/17/2024

Mike Volkov often told the story of watching the Watergate Hearings as a teenager and being a seminal influence on his later professional life in the legal profession and government service. It was my first exposure to...more

New FinCEN Rule Imposes AML Requirements on Investment Advisers

Neal, Gerber & Eisenberg LLP on 10/16/2024

On August 28, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule (the “Final Rule”) that will define most SEC-registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) as...more

Mail Theft-Check Fraud

Foodman CPAs & Advisors on 10/16/2024

Back on February 27, 2023, FinCEN issued (in close collaboration with the United States Postal Inspection Service) an Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail....more

TD Bank to Pay Historic $3 Billion Over AML Compliance Violations

Lowenstein Sandler LLP on 10/15/2024

On October 10, 2024, multiple U.S. federal and state agencies cumulatively fined a number of US based Toronto Dominion Bank subsidiaries (collectively, TD Bank or the Bank) more than $3 billion after finding that TD Bank...more

FUNDamentals: Navigating FinCEN’s ‎New AML Regulations for Investment ‎Advisers

Locke Lord LLP on 10/10/2024

On August 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule (the “Rule”) that amends the definition of “financial institution” under the Bank Secrecy Act...more

FinCEN Reports Check Fraud Amounting to $688 Million Over Six Month Period

Ballard Spahr LLP on 10/8/2024

The Financial Crimes Enforcement Network (“FinCEN”) issued last month an in-depth report on check fraud stemming from mail theft (“Report”). This is a pernicious and expanding problem. The Report follows upon a joint alert...more

Residential Real Estate and FinCEN

Foodman CPAs & Advisors on 10/8/2024

FinCEN seeks to safeguard residential real estate as evidenced by the issuance of the Final Residential Real Estate Rule issued 8/28/24 and taking effect on 12/1/25. The Final Rule requires “certain” industry professionals...more

What To Know About FinCEN's Investment Adviser AML Program Final Rule

Davis Wright Tremaine LLP on 10/8/2024

After two decades and three proposed rulemakings on whether investment advisers should have anti-money laundering (AML) and countering the financing of terrorism (CFT) program requirements and attempting to identify the...more

Regulatory Roundup for September 2024

SEC Compliance Consultants, Inc. (SEC³) on 10/1/2024

Advisers Drafted by FinCEN for AML Duty, More Fines for E-Comm Retention Failures and a September Miracle, SEC Falls Back on Broken Windows Strategy, and a Refusal to Give Up on Private Fund Rules - FinCEN added to advisers’...more

Investment Adviser Sector and FinCEN

Foodman CPAs & Advisors on 10/1/2024

FinCEN seeks to safeguard the investment adviser sector from illicit finance as evidenced by the issuance of the Final Investment Adviser Rule on 8/28/24 with a compliance date of 1/1/26. The investment adviser sector final...more

Treasury Department Releases Semiannual Regulatory Agenda

Troutman Pepper on 9/27/2024

On August 16, the U.S. Department of the Treasury published its semiannual regulatory agenda in the Federal Register, detailing the agency’s upcoming regulatory actions and priorities. The agenda outlines the proposed, final,...more

FinCEN Expands its Reach with Final Rules for Investment Advisers and the Residential Real Estate Sector

Morrison & Foerster LLP on 9/26/2024

Key Takeaways - •FinCEN has issued two new final rules to significantly expand regulation around certain investment adviser and residential real estate sectors to combat illicit finance in these areas. These highly...more

Federal and State Regulators Increase Scrutiny of Casino AML Practices

Brownstein Hyatt Farber Schreck on 9/24/2024

Recent money laundering-related enforcement actions targeting casinos by both the U.S. Department of Justice (“DOJ”) and state regulators suggest increasing scrutiny of anti-money laundering (“AML”) compliance efforts within...more

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FinCEN › Suspicious Activity Reports (SARs)

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