FinCEN

Subscribe to FinCEN RSS Feed

Corporate Transparency Act – FinCEN Issues Final Rule for Beneficial Ownership Reporting

We recently shared an alert covering The National Defense Authorization Act for Fiscal Year 2021 (NDAA), which became law on January 1, 2021. The NDAA included significant reforms to the U.S. anti-money laundering and countering the financing of terrorism regime. Division F of the NDAA consists of the Anti-Money Laundering Act of 2020, which includes … Continue Reading

Wolfsberg Group Releases Guidance on Negative News Screening

The Wolfsberg Group, an association of thirteen global banks which develops frameworks and guidance for the management of financial crime risks, particularly with respect to KYC, AML, and CFT policies, recently released a set of frequently asked questions on negative news screening and other forms of adverse information searches. Negative news screening can assist financial … Continue Reading

FinCEN Requests Public Comments on Potential No-Action Letter Process

Thanks to our Summer Associate, Apollo Yong, for his work on this timely blog. On June 6, 2022, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury, issued an Advanced Notice of Proposed Rulemaking (“ANPRM”), requesting public comment on questions related to FinCEN’s implementation of a no-action letter process.[1] … Continue Reading

Proposed FinCEN Pilot Program on Sharing of Suspicious Activity Reports with Foreign Affiliates

On January 25, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued its anticipated Notice of Proposed Rulemaking seeking public comment on a proposed pilot program that would permit certain financial institutions to share suspicious activity reports (“SARs”) and information related to SARs with the institutions’ foreign branches, subsidiaries, and affiliates (the “NPRM”). The proposed rule is … Continue Reading

Anti-Money Laundering Act Update: One Year In

The National Defense Authorization Act for Fiscal Year 2021 became law early in 2021, after a congressional override of then-President Trump’s veto.  Division F of the NDAA consists of the Anti-Money Laundering Act of 2020 (“AMLA”).  The AMLA expands numerous Bank Secrecy Act (“BSA”) requirements, and FinCEN has continued to issue guidance, reports, and proposed … Continue Reading

FinCEN and Federal Reserve Seek Comments on Proposed Amendments to the Recordkeeping and Travel Rules

On October 23, 2020, the Board of Governors of the Federal Reserve System (the ‘‘Board’’) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) (collectively, the “Agencies”) issued a joint Notice of Proposed Rulemaking (“NPRM”) soliciting public comment on questions relating to potential amendments to Bank Secrecy Act (“BSA”) regulations. The proposed … Continue Reading

FinCEN Imposes First of its Kind Civil Penalty against Cryptocurrency Money Service Business

On October 19, 2020, the Financial Crimes Enforcement Network (FinCEN) released its assessment of a $60 million civil monetary penalty against the operator of two cryptocurrency “mixers” for violations of the Bank Secrecy Act (“BSA”).[1] The action marks the first effort by FinCEN to target the use of these “mixers” to facilitate money laundering and … Continue Reading

4 Compliance Tips Amid Increased Ransomware Scrutiny

In light of two new US Treasury Department advisories signaling increased oversight of ransomware payments, victim companies and their third-party response teams considering making payments should follow certain due diligence and compliance best practices, write Colin Jennings, Ericka Johnson, Dylan Yépez and Elizabeth Weil Shaw in an article for Law360.… Continue Reading

Cryptocurrency Exchange and its Executives Face Allegations of Failing to Maintain an Adequate AML Program

Two U.S. authorities recently announced actions against four individuals and numerous entities associated with BitMEX, an online trading platform for futures contracts and other derivative products tied to the value of cryptocurrencies.  Both actions allege that BitMEX failed to put in place required anti-money laundering programs and procedures, and serve as a reminder that institutions … Continue Reading

Ransomware Payments can lead to Sanctions and Reporting Obligations for Financial Institutions

With cybercrime on the rise, two U.S. Treasury Department components, the Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”), issued advisories on one of the most insidious forms of cyberattack – ransomware.… Continue Reading

FinCEN Director Blanco Encourages Increased Communication During Global Pandemic

In remarks to the Association of Certified Anti-Money Laundering Specialists (“ACAMS”), Kenneth A. Blanco, the Director of the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”), covered a number of high-priority topics, including FinCEN’s response to the pandemic, the latest COVID-19 related fraud schemes, emerging cyber threats, virtual currency issues, and important regulatory updates.  A theme … Continue Reading

FinCEN’s New Rule Impacts Banks Lacking a Federal Functional Regulator

On September 14, 2020, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule  (“Rule”) requiring the minimum standards for anti-money laundering programs for certain institutions lacking a Federal functional regulator.  The Rule applies to banks that lack a Federal functional regulator, including, but not limited to, private banks, privately … Continue Reading

Responding to Financial Crime Risks during COVID-19

Over the past few months, numerous organizations and agencies—including the intergovernmental Financial Action Task Force, UK Financial Conduct Authority, Dubai Financial Services Authority, and U.S. Financial Crimes Enforcement Network—have stressed the need to preserve the integrity and security of the global payments system during and after the pandemic.… Continue Reading

Bipartisan Banking Committee Senators Introduce Anti-Money Laundering Reform Bill

On September 26, 2019, a bipartisan group of eight Senators introduced the Illicit Cash Act[1], which, among other proposed reforms, would require certain companies to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) at incorporation and within 90 days of any change in beneficial ownership. Led by Sen. Mark Warner (D-VA), co-sponsors … Continue Reading
LexBlog