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
There is a Bill (H.R. 6068), originally drafted on November 14, 2017, called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill intended to propose a substantial overhaul to the Bank Secrecy Act (BSA). ...more
7/27/2018
/ Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Financial Crimes ,
Financial Regulatory Reform ,
Legislative Agendas ,
Money Laundering ,
Proposed Legislation ,
Regulatory Requirements ,
Tax Haven
According to the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) states that the main focus for Financial Institution ought to be on the reporting of suspicious activities....more
7/23/2018
/ Banking Sector ,
Financial Fraud ,
Financial Institutions ,
FinCEN ,
Fraudulent Transfers ,
Money Laundering ,
Reporting Requirements ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
Terrorism Funding ,
Third-Party Risk ,
Third-Party Service Provider
Since 1985, Casinos that have Gross Annual Gaming Revenues in excess of $1,000,000 are considered to be Financial Institutions and are subject to the requirements of the Bank Secrecy Act (BSA). ...more
6/8/2018
/ Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Casinos ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
Gambling ,
Gaming ,
Money Laundering ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Tax Planning
The Suspicious Activity Report (SAR) was originally created by five federal financial supervisory agencies (Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of...more
On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New...more
10/16/2017
/ Bank Secrecy Act ,
Beneficial Owner ,
Cash Transactions ,
Covered Transactions ,
FinCEN ,
Geographic Targeting Order ,
GTO ,
Limited Liability Company (LLC) ,
Money Laundering ,
Popular ,
Real Estate Investments ,
Real Estate Transactions ,
Shell Corporations ,
Tax Evasion ,
Wire Transfers
The decision to hire a Forensic Accountant can be like buying a lottery ticket. Not all Forensic Accountants are equal. Not all possess the characteristics and critical success factors of an effective Forensic Accountant,...more
From the art of interviewing, to recognizing mathematical irregularities, and following the money, Forensic Accountants are a proven invaluable tool for Attorneys and their clients. “Finding” the money combines the skill...more
James C. Barnacle, Chief of the Money Laundering Unit in the Financial Crimes Section, Criminal Investigation Division, of the FBI recently stated that there is a RENEWED emphasis on investigations targeting “ money...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
On May 9, 2016, the Department of Justice (DOJ) announced its first FATCA conviction. It appears to be the beginning of criminal prosecutions by the DOJ against apparent or alleged violations of FATCA reporting requirements....more