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FinCEN Enforcement Action: former U.S. Bank official fined $450,000

FinCEN Penalizes U.S. Bank Official for Corporate Anti-Money Laundering Failures Contact Office of Strategic Communications, 703-905-3770 Immediate Release March 04, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a $450,000 civil money penalty against Michael LaFontaine, former Chief Operational Risk Officer at U.S. Bank National Association (U.S. Bank), for his failure to […]

FIUs meet to discuss virtual assets

FINANCIAL INTELLIGENCE UNITS MEET TO DISCUSS GLOBAL ISSUES SURROUNDING VIRTUAL ASSETS PARIS – On February 16, 2020, fifty senior officials and experts of Financial Intelligence Units (FIUs) from FATF countries and the Egmont Group1 Secretariat met in Paris to discuss the international ramifications of virtual assets from FIUs’ perspectives. Ms. […]

FinCEN further extends FBAR filings deadline

FBAR Filing Requirement for Certain Financial Professionals FinCEN Notice 2019-1 Extended Filing Date Related to Notice 2018-1 The Financial Crimes Enforcement Network (FinCEN) is announcing a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking (NPRM) […]

OCC reminds you: hemp is not marijuana

OCC Bulletin 2019-61| December 3, 2019 Bank Secrecy Act/Anti-Money Laundering: Joint Statement on Providing Financial Services to Customers Engaged in Hemp-Related Businesses SHARE THIS PAGE: To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary […]

FinCEN releases elder abuse analysis

FinCEN Analysis: Bank Secrecy Act Reports Filed by Financial Institutions Help Protect Elders from Fraud and Theft of Their Assets Contact Steve Hudak, 703-905-3770 Immediate Release December 04, 2019 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today released a new strategic analysis of Bank Secrecy Act (BSA) reporting, indicating that elders face an increased […]

November 8, 2019: FinCEN renews the Real Estate GTO?

FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas Contact Steve Hudak, 703-905-3770 Immediate Release November 08, 2019 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used […]