FinCEN

The Financial Crimes Enforcement Network (FinCEN) has levied a $25,000 civil money penalty against a California bank employee for violating Bank Secrecy Act (BSA) prohibitions against disclosing suspicious activity reports (SARs). FinCEN...

As the latest step in a gradual escalation of economic sanctions on Iran, Treasury has formally named the Islamic Republic of Iran as a jurisdiction of “primary money laundering concern” Under Section 311 of the USA PATRIOT Act. Treasury said...

The Financial Crimes Enforcement Network (FinCEN) has adopted a final regulation that amends the agency’s Bank Secrecy Act (BSA) rules relating to prepaid access services. The new regulation also amends the rules for money services businesses...

The Financial Crimes Enforcement Network (FinCEN), on February 22, released an advisory designed to help financial institutions spot and report activities involving the financial exploitation of elderly persons. The document (Advisory to...

The banking industry is not pleased with the proposal to require taxpayer identification numbers (TINs) on cross-border electronic funds transfers (CBEFTs). The comments are responding to a September proposal by the Financial Crimes Enforcement...

The Financial Crimes Enforcement Network (FinCEN) has clarified and strengthened the scope of Suspicious Activity Report (SAR) confidentiality and expanded the ability of certain financial institutions to share SAR information with most...

The Financial Crimes Enforcement Network (FinCEN) has proposed requiring depository institutions and money service businesses (MSBs) to report cross-border electronic transmittals of fund (CBETFs). Under current law, the affected institutions...

Suspicious activity reports (SARs) that focus on the actions of informal value transfer systems should include a clear reference to the initials IVTS. The Financial Crimes Enforcement Network (FinCEN) has issued an advisory (FIN-2010-A011) to...

FinCEN is trying to clarify what customers you can exempt from the filing of currency transaction reports.

FinCEN has issued new guidance to help banks decide which customers qualify for exemptions from reporting of their routine currency transactions.

FinCEN has adopted a final rule easing the requirements for depository institutions to exempt their eligible customers from currency transaction reporting.

Looking a gift horse in the mouth, banks say they don’t want FinCEN’s idea of a regulatory relief measure.

FinCEN has released its analysis of trends in recent SAR filings.

Money laundering is a growing problem in the real estate industry, the Financial Crimes Enforcement Network warned, and the coming wave of refinancings will only magnify the problem.

FinCEN has proposed simplifying the requirements for granting exemptions to CTR filing.  The industry was hoping for more.

The settlement of a money laundering case may have raised the bar for Bank Secrecy Act compliance, experts warn.

Banks that search their data at the request of law enforcement agencies will be able to receive official confirmation of the searches from the anti-money laundering agency.

The agency publishes a list of lessons learned from money services businesses.

New due-diligence standards apply to only a few categories of foreign correspondent institutions.

FinCEN has informed Congress that reporting cross-border wire transfer data is technically feasible and may be valuable in combating money laundering.