On 1/8/25, the National Taxpayer Advocate (NTA) published its 2024 Annual Report to Congress and identified taxpayers’ problems and provided suggestions to further protect taxpayer rights and ease taxpayer burden. “By law,...more
1/28/2025
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Compliance ,
FATCA ,
FinCEN ,
Internal Revenue Code (IRC) ,
IRS ,
Reporting Requirements ,
Tax Reform ,
Tax Returns ,
U.S. Treasury
On 11/15/24, FinCEN updated two Beneficial Ownership Information Access FAQs. The theme of the 11/15/24 update is Beneficial Ownership Access in accordance with the Corporate Transparency Act. FinCEN had previously update...more
On 10/9/24, the Bureau of Industry and Security (BIS) within the Department of Commerce has issued guidance aimed at financial institutions (FIs), outlining best practices for adherence to the Export Administration...more
12/19/2024
/ Best Practices ,
Bureau of Industry and Security (BIS) ,
China ,
Commerce Control List ,
Due Diligence ,
Export Administration Regulations (EAR) ,
Financial Institutions ,
FinCEN ,
Foreign Policy ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Red Flags Rule ,
Risk Management ,
Russia ,
SDN List ,
U.S. Commerce Department
On 11/13/24, FinCEN issued an alert aimed at assisting financial institutions in recognizing fraudulent schemes linked to the utilization of deepfake media generated by generative artificial intelligence (GenAI) tools. The...more
12/9/2024
/ Anti-Money Laundering ,
Artificial Intelligence ,
Bank Secrecy Act ,
Deep Fake ,
FinCEN ,
Fraud ,
Machine Learning ,
Personally Identifiable Information ,
Popular ,
Suspicious Activity Reports (SARs) ,
Terrorism Funding
On 10/29/24, FinCEN announced Beneficial Ownership Information (BOI) Reporting Relief to specific victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine. BOI Reporting Relief...more
12/2/2024
/ Beneficial Owner ,
Corporate Transparency Act ,
FEMA ,
Filing Deadlines ,
FinCEN ,
Hurricane Season ,
IRS ,
Natural Disasters ,
Popular ,
Reporting Requirements ,
Tax Relief ,
Time Extensions ,
U.S. Treasury
On 10/10/24, FinCEN assessed a record $1.3 billion penalty against TD Bank for BSA violations. This unprecedented penalty should function as a cautionary message and a warning to all financial institutions. All financial...more
11/5/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Civil Monetary Penalty ,
Compliance ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
FinCEN ,
Popular ,
Suspicious Activity Reports (SARs) ,
Training
On 10/3/24, FinCEN published twenty five (25) new updates to the BOI FAQ webpage. The BOI FAQs 10/3/24 address: access to BOI reports, third party service providers, entity conversion, identifications, community property and...more
Back on February 27, 2023, FinCEN issued (in close collaboration with the United States Postal Inspection Service) an Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail....more
FinCEN seeks to safeguard residential real estate as evidenced by the issuance of the Final Residential Real Estate Rule issued 8/28/24 and taking effect on 12/1/25. The Final Rule requires “certain” industry professionals...more
10/8/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Cash Transactions ,
Condominiums ,
FinCEN ,
Popular ,
Real Estate Transfers ,
Reporting Requirements ,
Residential Real Estate Contracts ,
Single Family Housing ,
Suspicious Activity Reports (SARs)
FinCEN seeks to safeguard the investment adviser sector from illicit finance as evidenced by the issuance of the Final Investment Adviser Rule on 8/28/24 with a compliance date of 1/1/26. The investment adviser sector final...more
10/1/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Exempt Reporting Advisers (ERAs) ,
FATF ,
Financial Crimes ,
FinCEN ,
Investment Adviser ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
Terrorism Funding
On 9/10/24, FinCEN updated its BOI FAQs page by adding four new FAQs that provide more clarity to BOI Reporting Companies. The new FAQ’s address the areas of companies that cease to exist, foreign companies that stop doing...more
On August 28, 2024, FinCEN Final New Rules were published that address vulnerabilities in the U.S. financial system and are part of an on going effort to combat illicit finance and protect U.S. national security, as well as...more
9/27/2024
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Corporate Governance ,
Corruption ,
Cross-Border Transactions ,
FinCEN ,
Investment ,
National Security ,
New Rules ,
Popular ,
Real Estate Transactions ,
Transparency
Pig Butchering Crypto Scams are scams which resemble the practice of fattening a hog before slaughter....more
9/25/2024
/ CFTC ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Investment ,
Investment Opportunities ,
NASAA ,
Scams ,
Securities and Exchange Commission (SEC) ,
Trading Platforms
The National Taxpayer Advocate 2023 Annual Report to Congress highlights how Taxpayers abroad are underserved and continue to face challenges in meeting their U.S. tax obligations. As a result, the National Taxpayer Advocate...more
9/6/2024
/ Bank Secrecy Act ,
FATCA ,
FBAR ,
FinCEN ,
Foreign Banks ,
Foreign Earned Income ,
Income Taxes ,
IRS ,
Non-Residents ,
Resident Alien ,
Tax Liability ,
Tax Returns
“FinCEN alienta a las instituciones financieras a compartir esta guía de referencia con los clientes a los que se les pueda solicitar que reporten información sobre dueños beneficiarios” es el mensaje que FinCEN publicó el 26...more
“FinCEN encourages financial institutions to share this reference guide with customers that may be required to report beneficial ownership information” is the message that FinCEN released on 7/26/24. The FinCEN Notice to...more
El 7/24/24, FinCEN actualizó su página de preguntas frecuentes sobre BOI (“Beneficial Ownership Information”) para incluir una pregunta nueva y una nueva actualización. FinCEN afirma que seguirá brindando orientación sobre...more
On 7/24/24, FinCEN updated its BOI FAQs page to include one new question and one new update. FinCEN states that it will continue to provide guidance on how to submit beneficial ownership information; including updating the...more
El 7/8/24, FinCEN actualizó su página de preguntas frecuentes de BOI para incluir tres nuevas preguntas y una nueva actualización. FinCEN afirma que continuará brindando orientación sobre cómo presentar información sobre...more
On 7/8/24, FinCEN updated its BOI FAQs page to include three new questions and one new update. FinCEN states that it will continue to provide guidance on how to submit beneficial ownership information; including updating the...more
El 6/29/24, FinCEN, en consulta con la Junta de Gobernadores del Sistema de la Reserva Federal, la Oficina del Contralor de la Moneda, la Corporación Federal de Seguro de Depósitos y la Administración Nacional de Cooperativas...more
On 6/29/24, FinCEN, in consultation with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union...more
El 6/10/24, FinCEN actualizó su página de preguntas frecuentes para incluir siete nuevas actualizaciones. FinCEN afirma que continuará brindando orientación sobre cómo presentar información sobre beneficiarios reales;...more
On 6/10/24, FinCEN updated its FAQs page to include seven new updates. FinCEN states that it will continue to provide guidance on how to submit beneficial ownership information; including updating the FinCEN BOI FAQs 6/10/24....more
El 4/18/24, FinCEN actualizó su sección de preguntas frecuentes y agregó una nueva sección titulada “Acceso a información de BOI”. Esta nueva sección aborda el enfoque gradual de FinCEN para brindar acceso a BOI (información...more