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March 9, 2023: FATF boots Russia… and other stuff

Financial Action Task Force Suspends the Membership of the Russian Federation, and Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies Immediate Release March 09, 2023 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an […]

Wanna be on the BSAAG? Noms are open

FinCEN Invites Nominations for Membership on the Bank Secrecy Act Advisory Group (BSAAG) The Financial Crimes Enforcement Network (FinCEN) is inviting nominations for membership on the Bank Secrecy Act Advisory Group (BSAAG). BSAAG membership is open to financial institutions subject to the Bank Secrecy Act (BSA), trade groups with members […]

When is a PMLC not your usual garden-variety PMLC? FinCEN issues Section 9714(a) order for Bitzlato virtual currency exchange

FinCEN Identifies Virtual Currency Exchange Bitzlato as a Primary Money Laundering Concern in Connection with Russian Illicit Finance Action is the First Order Issued under Powerful New “Section 9714” Authority Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order that identifies the virtual currency exchange […]

FinCEN also wants your input on the UBO report itself

FinCEN Requests Comments on the Proposed Report to Collect Beneficial Ownership Information from Reporting Companies On January 17, 2023, the Financial Crimes Enforcement Network (FinCEN) will publish a Paperwork Reduction Act notice (the “notice”) seeking comment on the mechanism that FinCEN proposes to use to collect beneficial ownership information from […]