FinCEN

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U.S. House of Representatives Presses FinCEN on Status of CTA Roll-Out

The Corporate Transparency Act (“CTA”) takes effect on January 1, 2024. On that date, the Financial Crimes Enforcement Network (“FinCEN”) needs to have implemented a working data base to accept...

Member Benefit: FinCEN and CFPB Summaries

Financial Crimes Enforcement Network (FinCEN), Treasury ACTION: Advance notice of proposed rulemaking. No-Action Letter Process TOPIC: FinCEN is issuing this advance notice of proposed rulemaking (ANPRM) to solicit public comment...

FinCEN Issues Advisory on Elder Financial Exploitation

Urges Financial Institutions to Aid in Combatting Growing Threat June 15, 2022 — The Financial Crimes Enforcement Network (FinCEN) is issuing an advisory to alert financial institutions to the rising trend...

Agencies seek solutions for ‘digital identity proofing’

(Jan. 14, 2022) Measuring the effectiveness of digital identity proofing – the process used to collect, validate and verify information about a person – is the aim of a “tech...

Reporting of beneficial ownership outlined

(Dec. 10, 2021) A proposed rule designed to “protect the U.S. financial system from illicit use” by addressing who must report corporate beneficial ownership information – including what and when...

Proposal explores real estate cash purchase reporting

(Dec. 10, 2021) Real estate buyers using cash to purchase residential or commercial properties would be subject to new reporting requirements aimed at spoiling money laundering schemes under a new...

Environmental crime subject to BSA, agency writes

(Nov. 24, 2021) Known or suspected environmental crime is an important part of a financial institution’s compliance with the Bank Secrecy Act (BSA), according to a notice issued late last...

Advisory highlights latest ransomware schemes

(Nov. 12, 2021) Growing use of anonymity-enhanced cryptocurrencies (AECs) used in ransomware schemes and the ways that perpetrators launder ransomware proceeds are detailed in an updated advisory issued this week...

Online child sex abuse spurs new SAR instructions

(Sept. 17, 2021) Online child sexual exploitation (OCSE) crimes are on the rise, and the Treasury’s top enforcement unit is highlighting some financial trends related to the crimes, as well...

FinCEN (with NASCUS’ help) to propose ‘no-action’ letters

(July 2, 2021) A “no-action letter” process – a form of regulatory enforcement discretion in which an agency states, in writing, that will not take an enforcement action against a...

BRIEFLY: Capitalization of interest rule effective July 30 … while CECL transition rule takes effect Aug,. 2; Risky AML/CFT/CPF jurisdiction list updated; New leader at World Council of CUs; Have a happy, safe July 4 holiday!

(July 2, 2021) NCUA’s final rule permitting federally insured credit unions (FICUs) to extend financing of interest in connection with loan workouts and modifications is set to take effect July...

Agencies vow to alter rules reflecting new AML/CFT priorities

(July 2, 2021) Plans for future Bank Secrecy Act (BSA) rule changes to incorporate just-issued national priorities for combatting money laundering and financing of terrorism were outlined this week in...