FinCEN advisory on Elder Financial Exploitation

FinCEN warns FIs about rising trend of elder financial exploitation (EFE), which involves the illegal or improper use of an older adult’s funds, property, or assets and urges financial institutions to detect, prevent, and report suspicious financial...

FinCEN rulemaking for no-action letter process 

The Report noted several potential benefits of a no-action letter process, including encouraging a robust and productive dialogue with the public, promoting a culture of compliance, and enhancing transparency in the application and enforcement of the Bank Secrecy...

FinCEN on real estate Geographic Targeting Orders

FinCEN announced the renewal and expansion of its Geographic Targeting Orders that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate…

FinCEN advisory on kleptocracy & foreign public corruption

FinCEN urges financial institutions to focus efforts on detecting the proceeds of foreign public corruption, a priority for the U.S. Govt. Kleptocratic regimes and corrupt public officials may engage in bribery, embezzlement, extortion, or the misappropriation of...

FinCEN penalty against USAA Federal Savings Bank

USAA FSB admitted that it willfully failed to implement and maintain an AML program that met the minimum requirements of the BSA and failed to accurately and timely report thousands of suspicious transactions to FinCEN involving suspicious financial...