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Light at the end of the tunnel…

FinCEN is repealing the Section 311 pieces imposed on Banco Delta Asia – this is the first one I remember hearing about (not that there are many Section 311 Special Measures to begin with). So, that requires two pieces – both of which will be published in Federal Register on […]

FinCEN issues CDD FAQs…

FIN-2020-G002 Issued: August 3, 2020 Subject: Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions. The Financial Crimes Enforcement Network (FinCEN), in consultation with the federal functional regulators, is issuing responses to three frequently asked questions (FAQs) regarding customer due diligence requirements for covered financial institutions. […]

You know that virtual currency scam that hit Twitter yesterday? FinCEN is on the case….

FIN-2020-Alert001 July 16, 2020 FinCEN Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter FinCEN is emphasizing a high-profile scam exploiting Twitter accounts to solicit fraudulent payments denominated in convertible virtual currency (CVC). Cyber threat actors compromised the accounts of public figures, organizations, and financial institutions to solicit payments […]

FinCEN CTR Renewal Notice

Currency Transaction Report (CTR) Renewal Notice On May 14, 2020, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a 60-day notice to renew the Office of Management and Budget (OMB) control numbers assigned to the CTR reporting and regulatory requirements. The notice is required to give the […]

FinCEN says: CMIRs are now online

Currency and Monetary Instrument Report (CMIR) Now Available for Electronic Filing   Persons entering or exiting the United States, and physically transporting $10,000 or more in currency or other monetary instruments at one time must file the Currency and Monetary Instrument Report (CMIR) (FinCEN Form 105).  The obligation to report […]

FinCEN reminds us again – SARs and CTRs are important!

FinCEN Recognizes Law Enforcement Cases Significantly Impacted by Bank Secrecy Act Filings  Contact Office of Strategic Communications, 703-905-3770 Immediate Release May 19, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today the award recipients of the 2020 FinCEN Director’s Law Enforcement Awards Program.  The annual program recognizes law enforcement agencies that […]

May 8, 2020: FinCEN reissues Real Estate GTOs

FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas 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 in all-cash purchases of residential real estate. These […]

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 […]