Financial Crimes Enforcement Network (FinCEN)
Recent News About Financial Crimes Enforcement Network (FinCEN)
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FinCEN hosts exchange sessions in Miami addressing fentanyl trafficking
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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Authorities issue joint notice on timeshare fraud linked to Mexican cartels
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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FinCEN Deputy Director engages in Colorado on beneficial ownership reporting
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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FinCEN issues supplemental alert on financing of West Bank violence
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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Financial Action Task Force updates jurisdiction lists for anti-money laundering efforts
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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FinCEN proposes new rule for modernizing AML/CFT programs
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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FinCEN enacts measure against Iraq-based bank over terrorist financing concerns
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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FinCEN issues new advisory on fentanyl precursor chemicals procurement
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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FinCEN urges vigilance against elder financial exploitation
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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FinCEN Director visits Arizona for outreach on ownership reporting and fentanyl trafficking
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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FinCEN releases Year in Review for Fiscal Year 2023
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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FinCEN Director addresses fentanyl trafficking and beneficial ownership in Iowa engagements
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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FinCEN holds bilingual beneficial ownership engagement event in Puerto Rico
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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Treasury launches PROTECT series to combat illicit fentanyl trafficking
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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SEC and FinCEN propose new customer identification program requirements
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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Financial Crimes Enforcement Network Issues Advisory on Iran-Backed Terrorist Organizations
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...
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FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements
FinCEN, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, will be hosting a webinar on beneficial ownership information reporting requirements. The webinar aims to provide valuable insights into compliance with the Corporate Transparency Act. The Corporate Transparency Act mandates that numerous companies operating in the United States disclose information to FinCEN regarding their ultimate beneficial owners or controllers. In light of this requirement, a FinCEN representative will lead the virtual information session to guide participants on...
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FinCEN Reminds Financial Institutions to Remain Vigilant to Environmental Crimes
On April 22, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a reminder to financial institutions to stay alert in detecting and reporting suspicious activities linked to environmental crimes. The call comes as the nation observes Earth Day, emphasizing the importance of safeguarding the environment.According to FinCEN, environmental crimes often involve cross-border criminal operations associated with various Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Priorities, such as corruption, fraud, human trafficking, and drug...
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FinCEN Issues Analysis on Elder Financial Exploitation
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently released a Financial Trend Analysis focusing on patterns and trends related to Elder Financial Exploitation (EFE). According to FinCEN's analysis, there were 155,415 filings over a one-year period totaling approximately $27 billion in EFE-related suspicious activity."FinCEN has long recognized the threat that Elder Financial Exploitation poses and the need to protect the older adult population from financial abuse," stated FinCEN Director Andrea Gacki. She also expressed gratitude...
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FinCEN Renews Real Estate Geographic Targeting Orders
The Financial Crimes Enforcement Network (FinCEN) has renewed its Geographic Targeting Orders (GTOs) aimed at identifying the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs will be effective from April 19, 2024, to October 15, 2024.According to FinCEN, the GTOs provide valuable data on the purchase of residential real estate by individuals potentially involved in illicit activities. By renewing these orders, FinCEN aims to enhance efforts in tracking illicit funds and criminal activities, as well as...