Financial Crimes Enforcement Network (FinCEN)
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Recent News About Financial Crimes Enforcement Network (FinCEN)
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The Financial Crimes Enforcement Network (FinCEN) has announced that it will not impose fines or penalties on companies failing to file or update beneficial ownership information (BOI) reports by the current deadlines under the Corporate...
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The Financial Crimes Enforcement Network (FinCEN) has notified U.S. financial institutions about updates from the Financial Action Task Force (FATF) regarding jurisdictions with strategic deficiencies in anti-money laundering, combating the...
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The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury is urging financial institutions to be vigilant against potential relationship investment scams.
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The Financial Crimes Enforcement Network (FinCEN) has imposed a $37 million civil money penalty on Brink’s Global Services USA, Inc. for willful violations of the Bank Secrecy Act (BSA).
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Earlier this week, Financial Crimes Enforcement Network (FinCEN) officials traveled to Miami, Florida for two events that brought together the public and private sectors to discuss ways to deepen collaboration against financial crime threats. These events, known as FinCEN Exchange sessions, are part of FinCEN’s ongoing commitment to encouraging secure information sharing by convening financial institutions, law enforcement agencies, and the Department of the Treasury.
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The Financial Crimes Enforcement Network (FinCEN) has issued a Notice to financial institutions detailing the methodologies, financial typologies, and red flag indicators associated with timeshare fraud orchestrated by Mexico-based transnational criminal organizations (TCOs). According to FinCEN, TCOs such as the Jalisco New Generation Cartel (CJNG) are increasingly targeting U.S. owners of timeshares in Mexico through complex telemarketing, impersonation, and advance fee schemes that can span years.
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On July 12, Financial Crimes Enforcement Network (FinCEN) Deputy Director Jimmy Kirby participated in a beneficial ownership reporting outreach event in Lakewood, Colorado. The event was coordinated with the office of Representative Brittany Pettersen, a member of the House Financial Services Committee.
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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a supplemental alert concerning the financing of Israeli extremist settler violence against Palestinians in the West Bank. This alert builds upon a previous one released on February 1, 2024, and provides additional red flags to aid U.S. financial institutions in identifying and reporting suspicious activities that finance violence in the region.
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The Financial Crimes Enforcement Network (FinCEN) has notified U.S. financial institutions about the recent statement issued by the Financial Action Task Force (FATF), an intergovernmental body setting international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF). The FATF highlighted increasing financial connectivity between the Democratic People’s Republic of Korea (DPRK) and the international financial system, reiterating concerns over DPRK's failure to...
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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced a proposed rule aimed at strengthening and modernizing financial institutions' anti-money laundering and countering the financing of terrorism (AML/CFT) programs. While these institutions have long maintained AML/CFT programs under existing regulations, the new rule seeks to amend those regulations to explicitly require that such programs be effective, risk-based, and reasonably designed. This approach aims to enable financial institutions to allocate their resources in line with...
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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule under section 311 of the USA PATRIOT Act, severing Al-Huda Bank from the United States financial system. This measure prohibits domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank, an Iraqi bank identified as a conduit for terrorist financing.
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Secretary of the Treasury Janet L. Yellen announced today that the Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert U.S. financial institutions to new trends in the illicit fentanyl supply chain and urge vigilance in identifying and reporting suspicious activity associated with Mexico-based transnational criminal organizations and their illicit procurement of fentanyl precursor chemicals and manufacturing equipment from People’s Republic of China-based suppliers.
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As the nation recognizes World Elder Abuse Awareness Day, the Financial Crimes Enforcement Network (FinCEN) has reminded financial institutions to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation (EFE). EFE-related losses affect personal savings, checking accounts, retirement savings, and investments, severely impacting victims’ well-being and financial security as they age. FinCEN has previously published resources to help stakeholders combat EFE.
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On June 11 and 12, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders traveled to Arizona for beneficial ownership reporting outreach events and a counter-fentanyl FinCEN Exchange.
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The Financial Crimes Enforcement Network (FinCEN) has issued its Year in Review for Fiscal Year 2023. The document aims to provide stakeholders with insights into the collection and use of Bank Secrecy Act (BSA) data, highlighting FinCEN’s efforts to support law enforcement and national security agencies.
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On May 31, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders engaged in two roundtables coordinated with Iowa Representative Zach Nunn’s office in Des Moines, Iowa.
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SAN JUAN, Puerto Rico—The Financial Crimes Enforcement Network (FinCEN) conducted an outreach event today focused on beneficial ownership reporting requirements. The event, held at the Puerto Rico Department of State, was attended by Puerto Rico’s Secretary of State, Hon. Omar J. Marrero-Diaz, and included trade associations representing small business groups in Puerto Rico. This marks FinCEN’s first outreach event in Spanish regarding federal requirements for reporting information about individuals who ultimately own or control businesses.
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The Financial Crimes Enforcement Network (FinCEN), as part of the Treasury Department’s Counter-Fentanyl Strike Force and in partnership with IRS Criminal Investigation (CI), has announced a new initiative to combat the illicit trafficking of fentanyl into the United States. The "Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl" (PROTECT) series of FinCEN Exchange sessions will be held throughout 2024 in U.S. cities severely affected by the opioid epidemic.
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Today, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal aims to prevent illicit finance activity involving the customers of investment advisers by bolstering the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser...
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The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has released an Advisory to aid financial institutions in identifying potentially illicit transactions linked to terrorist organizations backed by the Islamic Republic of Iran. The Advisory outlines the methods through which these groups receive support from Iran and details various strategies they utilize to illegitimately access or bypass the global financial system in order to raise, transfer, and utilize funds. It also presents warning signs that can help financial institutions in...