News & Analysis as of July 23, 2025

FinCEN › Social Security Numbers

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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 -

No Full TIN, No Problem: FinCEN Approves of TIN Verification Through a Third Party

Morrison & Foerster LLP on 7/8/2025

On June 27, 2025, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order (Order) allowing banks,[1] and their subsidiaries, subject to the jurisdiction of the Office of the Comptroller...more

FinCEN BOI 7/24/24 FAQs

Foodman CPAs & Advisors on 8/30/2024

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

FinCEN BOI FAQs 7/24/24

Foodman CPAs & Advisors on 8/30/2024

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

The Corporate Transparency Act - New Guidance on Reporting Obligations

Smith Anderson on 8/13/2024

As discussed in our three prior client alerts, effective as of January 1, 2024, the Corporate Transparency Act (“CTA”) and rules issued thereunder by the Financial Crimes Enforcement Network (“FinCEN”) require most U.S....more

FinCEN Seeks Information in Efforts to Modernize CIP Rule

McGlinchey Stafford on 5/7/2024

On March 29, 2024, the Financial Crimes and Enforcement Network (FinCEN) in collaboration with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union...more

Banking and Consumer Regulatory Digest - March 2024 - 2

Davis Wright Tremaine LLP on 4/17/2024

Editor's Note - The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency,...more

FinCEN seeks public comment for changing SSN requirements during customer identification

Orrick, Herrington & Sutcliffe LLP on 4/8/2024

On March 29, FinCEN published a request for information (RFI) and comment in the Federal Register, in consultation with the OCC, FDIC, NCUA, and the Fed, to receive more information on the Customer Identification Program...more

Are four digits enough? FinCEN seeks comments on CIP rule’s SSN collection requirement

Ballard Spahr LLP on 4/2/2024

On March 28, 2024, the Financial Crimes Enforcement Network (FinCEN), in consultation with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration,...more

¿Cuándo Son Los Casinos Instituciones Financieras?

Foodman CPAs & Advisors on 1/10/2023

De acuerdo con el IRS y FinCEN, los casinos con licencia para hacer negocios como casinos y que tienen ingresos brutos anuales de juego superiores a $1,000,000 son instituciones financieras sujetas a los requisitos de la Ley...more

Accuracy Counts: Filing Complete and Accurate SARs and Program Specific Red Flags Related to Covid-19 Criminal or Fraudulent...

Mitchell, Williams, Selig, Gates & Woodyard,... on 10/1/2020

On September 29, 2020, at the 19th Annual AML & Anti-Financial Crime Conference, Financial Crimes Enforcement Network (“FinCEN”) Director Kenneth Blanco reported over 91,000 suspicious activity reports (“SARs”) have been...more

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FinCEN › Social Security Numbers

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