Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions matters continue to be a core focus of regulators, law enforcement agencies, policymakers and Congress, and the story of the Obama and Trump Administrations on...more
7/29/2019
/ Anti-Money Laundering ,
BSA/AML ,
Cuba ,
Customer Due Diligence (CDD) ,
Drug Trafficking ,
Economic Sanctions ,
Enforcement Actions ,
FinCEN ,
Human Trafficking ,
Iran ,
Magnitsky Act ,
Nicaragua ,
North Korea ,
Russia ,
Sudan ,
Trump Administration ,
Venezuela ,
Virtual Currency
The myriad—and conflicting—state, federal and international laws governing the burgeoning marijuana industry have created a complicated legal landscape for financial institutions. In the United States, most states have...more
2/8/2019
/ Anti-Money Laundering ,
Canada ,
Cannabidiol (CBD) oil ,
Cole Memorandum ,
Controlled Substances Act ,
Decriminalization of Marijuana ,
Farm Bill ,
Financial Institutions ,
FinCEN ,
Food and Drug Administration (FDA) ,
Hemp ,
Marijuana ,
Marijuana Related Businesses ,
Proceeds of Crime Act 2002 (POCA) ,
Regulatory Agenda ,
Risk Management ,
State and Local Government ,
Suspicious Activity Reports (SARs)
Last week the Financial Crimes Enforcement Network (FinCEN) issued much-anticipated Frequently Asked Questions (FAQs) that provide additional guidance to financial institutions relating to the implementation of the new...more
Treasury's Financial Crimes Enforcement Network (“FinCEN”) recently announced the creation of the FinCEN Exchange, a new voluntary platform to facilitate information sharing between the government and industry on topics...more
Over the past year, regulators continued to actively examine compliance, introduce new and heightened requirements, recalibrate global priorities, and aggressively pursue enforcement. This report reviews recent trends and...more
4/28/2017
/ BSA/AML ,
Cuba ,
Economic Sanctions ,
Enforcement Actions ,
FATF ,
Financial Services Committee ,
FinCEN ,
Iran ,
NYDFS ,
Russia ,
Securities and Exchange Commission (SEC)
The Financial Crimes Enforcement Network (FinCEN) on May 11 released its long-awaited Final Rule (CDD Rule) that will require certain financial institutions to “look through” the nominal account holder to identify the...more
6/2/2016
/ Anti-Money Laundering ,
Beneficial Owner ,
Covered Financial Institutions ,
Customer Due Diligence (CDD) ,
Customer Identification Program (CIP) ,
FATF ,
Final Rules ,
FinCEN ,
Legal Entities ,
Panama Papers ,
Risk-Based Approaches ,
Suspicious Activity Reports (SARs)
Banks and credit unions that issue reloadable, general purpose prepaid cards must apply Customer Identification Program (CIP) procedures to those cardholders, according to guidance issued by the federal banking regulators and...more
Overview -
On January 13, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) that will temporarily require title insurance companies to report...more
A federal district court in Minnesota recently held that the Bank Secrecy Act (BSA) permits the Financial Crimes Enforcement Network (FinCEN) to bring suit against individuals for willfully violating the BSA's AML program...more
The Financial Crimes Enforcement Network (FinCEN) has proposed long-expected regulations that would extend anti-money laundering (AML) requirements to federally registered investment advisers (RIA). The August 25, 2015...more
9/4/2015
/ Banking Examinations ,
Banks ,
Broker-Dealer ,
BSA/AML ,
Dodd-Frank ,
Due Diligence ,
Enforcement ,
Financial Institutions ,
FinCEN ,
Industry Examinations ,
Investment Adviser ,
Investment Funds ,
Private Investment Funds ,
Proposed Regulation ,
Public Comment ,
SAR