Menu Home

Aren’t GTOs supposed to be temporary measures? Not according to FinCEN, apparently…

FinCEN Renews and Expands Real Estate Geographic Targeting Orders  Contact: Office of Strategic Communications,press@fincen.gov Immediate Release: April 29, 2022 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell […]

From the FinCEN Kleptocracy/Public Corruption Advisory: Red Flags

FinCEN has identified the following financial red flag indicators to assist financial institutions in detecting, preventing, and reporting suspicious transactions associated with kleptocracy and foreign public corruption. Because no single financial red flag indicator is determinative of illicit or suspicious activity, financial institutions should consider the relevant facts and circumstances […]

FinCEN Advisory on Kleptocracy & Public Corruption

FinCEN Issues Advisory on Kleptocracy and Foreign Public Corruption Immediate Release April 14, 2022 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption—a priority for the U.S. Government as […]

FinCEN Enforcement Action: $140 million penalty for USAA Federal Savings Bank

FinCEN Announces $140 Million Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act Contact Office of Strategic Communications, press@fincen.gov Immediate Release March 17, 2022 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that it has assessed a $140 million civil money penalty against USAA Federal Savings […]

FinCEN statements & resources on actions to support REPO Task Force and US Government Foreign Government Anti-Corruption Efforts

FinCEN Statement: FinCEN Announces Actions to Support REPO Multilateral Task Force and Ongoing U.S. Government Efforts to Combat Foreign Government Corruption  Contact Office of Strategic Communications, press@fincen.gov Immediate Release March 16, 2022 Takes Steps to Increase Information Sharing with Task Force Countries, Enhances Engagement with Financial Institutions, and Issues a […]

From the recent FinCEN Alert: Sanctions Evasion using crypto red flags

Select Red Flag Indicators A customer’s transactions are initiated from or sent to the following types of Internet Protocol (IP) addresses: non-trusted sources; locations in Russia, Belarus, FATF-identified jurisdictions with AML/CFT/CP deficiencies,19 and comprehensively sanctioned jurisdictions; or IP addresses previously flagged as suspicious. A customer’s transactions are connected to CVC […]

From the recent FinCEN Alert: Sanctions Evasion Red Flags

Select Red Flag Indicators Use of corporate vehicles (i.e. legal entities, such as shell companies, and legal arrangements) to obscure (i) ownership, (ii) source of funds, or (iii) countries involved, particularly sanctioned jurisdictions. Use of shell companies to conduct international wire transfers, often involving financial institutions in jurisdictions distinct from […]

One hand washes the other – FinCEN provides Russian sanctions evasion red flags

FinCEN Provides Financial Institutions with Red Flags on Potential Russian Sanctions Evasion Attempts Immediate Release March 07, 2022 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued a FinCEN Alert, advising all financial institutions to be vigilant against potential efforts to evade the expansive sanctions and other U.S.-imposed restrictions implemented in connection […]