News & Analysis as of September 8, 2025

Financial Institutions

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Wire Fraud: Should banks CYA by tightening up on KYC?

Constangy, Brooks, Smith & Prophete, LLP on 9/2/2025

After a long weekend, Finance Manager Joe sits at his desk to read his emails. One of the emails is from a trusted vendor with whom the Joe communicates on a regular basis, regarding an unpaid invoice that is due immediately....more

FinCEN analyzes BEC threat patterns and trends in the real estate sector

Orrick, Herrington & Sutcliffe LLP on 4/5/2023

On March 30, FinCEN released a Financial Trend Analysis examining threat patterns and trends identified in Bank Secrecy Act (BSA) data relating to business email compromise (BEC) in the real estate sector during 2020 and...more

FinCEN Issues Advisory on Cyber-Enabled Crime Fueled by COVID-19

Ballard Spahr LLP on 7/31/2020

The Financial Crimes Enforcement Network (“FinCEN”) just issued yet another Advisory regarding fraud threats faced by financial institutions, as exacerbated by the COVID-19 pandemic. This Advisory pertains to “Cybercrime and...more

Blockchain Week in Review - September 2019 #3

Perkins Coie on 10/9/2019

U.S. Developments - REGULATORY - House Passes Bill to Review How Blockchain Technology Can Improve FinCEN - The U.S. House of Representatives passed a bill sponsored by Anthony Gonzalez (R-OH) that requires the Director...more

Federal Reserve and FinCEN Raise Alarms Regarding Technology-Assisted Financial Fraud

Ballard Spahr LLP on 8/2/2019

The Federal Reserve and the Financial Crimes Enforcement Network, or FinCEN, both recently issued reports addressing worrisome trends in technology-assisted financial fraud. The reports to engage the financial services...more

Recent FinCEN Advisory Details Dramatic Increase in Frequency and Severity of Business Email Compromise Fraud Schemes

Faegre Drinker Biddle & Reath LLP on 7/22/2019

On July 16, 2019, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued an “Updated Advisory on Email Compromise Fraud Schemes Targeting Vulnerable Business Processes” (the “Advisory”). The...more

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