The Treasury Department has taken initial steps to implement the Trump administration’s “total elimination” policy directed at certain drug trafficking cartels. Most recently, on May 1, Treasury’s Financial Crimes Enforcement...more
5/9/2025
/ Border Security ,
Cartels ,
Crude Oil ,
Economic Sanctions ,
Financial Crimes ,
FinCEN ,
Foreign Trade Regulations ,
Mexico ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Popular ,
Smuggling ,
Terrorist Acts
As discussed here, on June 28, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed significant amendments to the anti-money laundering and countering the financing of terrorism...more
7/29/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Regulators ,
Consumer Financial Products ,
Credit Unions ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Risk Assessment ,
Suspicious Activity Reports (SARs) ,
Terrorist Financing Regulations ,
U.S. Treasury
On June 28, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule aimed at strengthening and modernizing financial institutions’ anti-money laundering and countering the...more
7/3/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Customer Identification Program (CIP) ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Proposed Rules ,
Regulatory Agenda ,
Risk Assessment ,
Terrorist Financing Regulations ,
U.S. Treasury
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently announced a Notice of Proposed Rulemaking (NPRM) aimed at keeping bad actors from exploiting the U.S. financial system and assets...more
2/16/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Comment Period ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Money Laundering ,
NPRM ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
Cryptocurrency, with its anonymity and decentralization, has revolutionized financial transactions. However, it has also opened doors for illicit activities, such as terrorist financing. Below we explore the role of...more
1/17/2024
/ AML/CFT ,
Anti-Money Laundering ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Financial Crimes ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Hamas ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Terrorist Financing Regulations
On September 8, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) issued an alert warning financial institutions to be vigilant against a prominent virtual currency investment scam called...more
9/13/2023
/ Cryptocurrency ,
Electronic Fund Transfer Act ,
Financial Crimes ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Red Flags Rule ,
Risk Management ,
U.S. Treasury ,
Virtual Currency
In the realm of financial crime prevention, the adoption of generative artificial intelligence (AI) technologies has the potential to revolutionize Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance. AI offers...more
8/23/2023
/ Algorithms ,
Anti-Money Laundering ,
Artificial Intelligence ,
Bank Secrecy Act ,
BSA/AML ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Machine Learning
On August 2, the Federal Financial Institutions Examination Council (FFIEC) announced updates to certain sections and examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual (Manual). The...more