The Foreign Corrupt Practices Act (FCPA) prohibits payment of bribes to foreign officials to assist with obtaining or retaining business. It requires companies whose securities are listed in the US to maintain books and...more
1/10/2020
/ Anti-Bribery ,
Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bank Secrecy Act ,
Banking Sector ,
Books & Records ,
Bribery ,
BSA/AML ,
Compliance Management Systems ,
Corruption ,
Credit Suisse ,
Criminal Investigations ,
Criminal Prosecution ,
Enforcement Actions ,
FCPA Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Hiring & Firing ,
Internal Controls ,
Internships ,
Middle East ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Publicly-Traded Companies ,
SAFE Act ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
Sovereign Wealth Funds ,
Statutory Violations ,
Strict Compliance ,
Tax Planning ,
Third-Party Relationships ,
Third-Party Risk ,
Truth in Lending Act (TILA) ,
Vendor Contacts ,
White Collar Crimes
El perfil de riesgo de la OFAC de una Institución Financiera se determina basado sus productos, servicios, clientes y ubicaciones geográficas. Se requiere que un programa de cumplimiento OFAC de una Institución Financiera...more
12/9/2019
/ Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Consumer Financial Products ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
High Risk Financial Products ,
Industry Examinations ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
White Collar Crimes
A Financial Institution’s OFAC risk profile is determined based on its products, services, customers and geographic locations. A Financial Institution’s OFAC compliance program is required to...more
12/9/2019
/ Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Consumer Financial Products ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
High Risk Financial Products ,
Industry Examinations ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
White Collar Crimes
IRS-Criminal Investigation (IRS-CI) is a federal agency department specifically authorized to investigate and prosecute federal income tax crimes. IRS-CI uses data analytics such as models, algorithms, and the millions of...more
8/19/2019
/ Analytics ,
Anti-Money Laundering ,
Criminal Investigations ,
FATCA ,
Financial Crimes ,
Foreign Financial Institutions (FFI) ,
IRS ,
John Doe Investigation ,
Tax Crimes ,
Tax Fraud ,
Tax Planning
FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities...more
7/22/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Civil Monetary Penalty ,
Enforcement Actions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Money Services Business ,
Money Transmitter ,
Peer-to-Peer ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
Tax Planning ,
Virtual Currency
An EIN is also known as a Federal Entity Tax Identification Number (EIN) and is used to identify a business entity such as a sole proprietorship, corporation, partnership, estate, trust, and other entities for tax filing and...more
On May 30, 2018, the AICPA (American Institute of Certified Public Accountants) wrote a letter to the IRS to obtain further definition and clarity regarding Virtual Currency (VC) FATCA and FBAR reporting requirements....more
6/10/2019
/ AICPA ,
Anti-Money Laundering ,
FATCA ,
FBAR ,
FinCEN ,
Foreign Financial Institutions (FFI) ,
Future Tax Treatment ,
IRS ,
Reporting Requirements ,
Required Forms ,
Tax Planning ,
Virtual Currency
The Suspicious Activity Report (SAR) was created by five federal financial agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN)....more
6/3/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Financial Abuse ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Regulatory Requirements ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
On November 15, 2018, the Financial Crimes Enforcement Network (FinCEN) announced the issuance of a “Revised” Geographic Targeting Order (GTO) that requires U.S. title insurance companies (Covered Business) to identify the...more
3/25/2019
/ Anti-Money Laundering ,
Beneficial Owner ,
Currency Transaction Reports (CTR) ,
FinCEN ,
Geographic Targeting Order ,
Real Estate Investments ,
Real Estate Transactions ,
Reporting Requirements ,
Residential Real Estate Market ,
Shell Corporations ,
Tax Planning ,
Title Insurance ,
Virtual Currency
The Financial Crimes Enforcement Network (FinCEN) provided the banking industry certain “permanent” relief from collecting beneficial ownership information regarding certain accounts (Covered Products) that automatically...more
The FATF is an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering (AML), terrorist financing and financing of weapons of mass destruction. ...more
8/21/2018
/ AML/CFT ,
Anti-Money Laundering ,
Banking Sector ,
BSA/AML ,
FATF ,
Financial Institutions ,
Financial Services Industry ,
Know Your Customers ,
Money Laundering ,
Tax Planning ,
Terrorism Funding
Deficiencies in Anti-Money Laundering (AML) frameworks and policies have triggered a significant number of Financial Institutions (FIs) to de-risk. ...more
Covered Financial Institutions (CFI) have until May 11, 2018 to implement and comply with the Financial Crimes Enforcement Network (FinCEN) Final Customer Due Diligence Rule (the CDD Rule). The CDD Rule imposes a new...more
There is a new Bill drafted on November 14, 2017 called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill is currently in a committee in the Senate and it proposes a substantial overhaul to the Bank Secrecy Act...more
There seems to be a convergence by the Financial Crimes Enforcement Networks (FinCEN), the Treasury Department and the IRS for determining “who is the UBO” of entities. The U.S. Government is determined to enforce financial...more
1/15/2018
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Filing Requirements ,
Financial Institutions ,
FinCEN ,
Foreign Ownership ,
IRS ,
Reporting Requirements ,
Required Forms ,
Tax Planning ,
U.S. Treasury
Under the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) issued a “Fifth Pillar” of the Final Customer Due Diligence (CDD) Rule on May 2016. The covered financial institutions (Banks; Brokers or...more
Bank Secrecy Act of 1970
- Requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering by keeping records of cash purchases of negotiable instruments, and file reports...more
10/14/2016
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Cross-Border Transactions ,
Currency Transaction Reports (CTR) ,
Disclosure Requirements ,
FATF ,
FBAR ,
Financial Institutions ,
FinCEN ,
Internal Revenue Code (IRC) ,
IRS ,
Money Laundering ,
Patriot Act ,
Reporting Requirements ,
Required Forms ,
Risk Management ,
Sanctions ,
Shell Corporations ,
Surveillance ,
Suspicious Activity Reports (SARs) ,
Terrorism Funding ,
Terrorist Threats ,
Wiretapping
Because they are known as “gatekeepers” in the financial industry, Professional Service Providers (PSPs), Bankers, Brokers, Realtors, Casino Managers, Trust Fund Managers, Money Managers, etc., carry a level of responsibility...more
8/8/2016
/ Accountants ,
AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Customer Due Diligence (CDD) ,
Due Diligence ,
FATF ,
Financial Institutions ,
FinCEN ,
Real Estate Agents ,
Recordkeeping Requirements ,
Suspicious Activity Reports (SARs)
Otherwise reputable Financial Institutions continue being sanctioned for regulatory non-compliance. Well known “household” names continue receiving fines for failing to establish and implement adequate Anti-Money Laundering...more
7/29/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
C-Suite Executives ,
Chief Compliance Officers ,
Compliance ,
Enforcement Actions ,
Failure to Report ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Fines ,
Foreign Corrupt Practices Act (FCPA) ,
Personal Liability ,
Suspensions ,
Suspicious Activity Reports (SARs)
After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering, terrorist financing,...more