All FinCEN articles – Page 6
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Article
FinCEN issues advisory on coronavirus-related financial scams
The Financial Crimes Enforcement Network has issued an advisory on the types of coronavirus-related scams and schemes that financial institutions should be on alert for—for example, “mule money schemes”—and how and where to report such activity.
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Article
In time of crisis, Wirecard has turned to its would-be CCO to lead
Reeling from a $2 billion accounting scandal, Wirecard has turned to its would-be chief compliance officer as its interim CEO. It’s the first smart move the company has made in a while, writes Martin Woods.
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Article
FinCEN advisory details coronavirus risks for financial industry
The Financial Crimes Enforcement Network has issued what it says is the first of several advisories concerning financial crimes related to the COVID-19 pandemic.
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Article
Libra adds former FinCEN head as general counsel
Fledgling digital currency group the Libra Association announced the appointment of former FinCEN and OFAC Director Robert Werner as general counsel.
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Article
FinCEN, OCC offer BSA compliance relief amid pandemic
Two federal agencies that oversee Bank Secrecy Act requirements have notified financial institutions they will agree to “reasonable delays” in the filing of required reports if institutions can show the delays are necessary due to the coronavirus pandemic.
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Article
Former U.S. Bank risk officer pays $450K for AML compliance failures
The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.
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Article
Federal banking regs ease hemp reporting requirements
New interagency guidance issued this week brings good news for compliance officers of banking institutions with hemp-related customers.
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Article
New FinCEN unit to focus on money laundering threats
FinCEN announced the launch of its newly created Global Investigations Division, with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally.
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Article
Congress, Treasury take swings at Facebook’s Libra plan
A plan by Facebook to enter the world of virtual currency is attracting predictable skepticism in Washington. It could also expedite the slow emergence of national data protection laws.
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Article
FinCEN to financial institutions: Beware of Venezuelan money laundering
FinCEN recently alerted financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption.
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Article
FinCEN elaborates on virtual currency risk, obligations
SARs and due diligence are cited as effective tools for avoiding virtual currency malfeasance, says the Financial Crimes Enforcement Network.
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Blog
UBS Financial Services to pay $14.5M for anti-money laundering failures
UBS Financial Services has been ordered to pay a $14.5 million civil penalty for willful violations of the Bank Secrecy Act, the Financial Crimes Enforcement Network announced on Dec. 17.
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Article
Regulators give nod to AI, emerging tech for AML programs
Federal bank regulators are encouraging banks to use artificial intelligence and other emerging technologies to bolster their AML compliance programs. In doing so, new guidance addresses an evolving liability and enforcement posture.
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Article
AML programs continue to vex banks in cost, complexity
Forget all that talk of deregulation. Compliance officers at financial institutions are still knee-deep in risk and spending nearly $26 billion a year on anti-money laundering programs and other demands of the Bank Secrecy Act.
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Blog
FinCEN advisor charged with leaking SARs to media
A senior advisor at the Financial Crimes Enforcement Network has been arrested and charged with leaking agency data to a reporter.
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Blog
FinCEN advisory warns of Nicaraguan money laundering
The Financial Crimes Enforcement Network has issued an advisory to alert U.S. financial institutions of the increasing risk that proceeds of political corruption from Nicaragua may enter the U.S. financial system.
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Article
What casinos, bitcoin tell us about money laundering
During a pair of recent speeches, the director of the Treasury Department’s Financial Crimes Enforcement Network discussed money laundering issues for—and the need for cooperation from—casinos. Another topic: the regulatory perils of virtual currencies.
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Blog
QuantaVerse Financial Crime Report simplifies FinCEN SAR filings
QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, helps financial institutions file timely and accurate suspicious activity reports (SARs) that match FinCEN’s recently revamped SAR filing format in the BSA E-Filing System.
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Blog
FinCEN issues advisory on abuses enabled by political figures
The Financial Crimes Enforcement Network has issued an advisory to U.S. financial institutions to highlight the connection between corrupt senior foreign political figures and their enabling of human rights abuses.
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Blog
FinCEN’s due diligence rule now in effect
FinCEN has issued a reminder to financial institutions and their customers that its new customer due diligence requirements took effect on May 11. The agency also clarified its exemptive relief for certain insurance arrangements.