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FinCEN unveils new measures to combat large-scale Govt benefits and payment fraud in Minnesota, targeting shell companies, false claims, and complex laundering networks exploiting public funds

January 9, 2026

Secretary of the Treasury Scott Bessent unveiled initiatives aimed at combating what officials describe as rampant government benefits fraud in Minnesota that has allegedly diverted billions in taxpayer funds, with measures designed to strengthen financial system integrity and protect taxpayers. These include targeted reporting requirements on transactions leaving the U.S., FinCEN investigations of money services businesses, fraud-related alerts to financial institutions, and training for law-enforcement partners to better use financial data in investigations…

U.S DOJ convicts a Texas Couple for running a multi‑million‑dollar pyramid scheme that defrauded over 10,000 victims of $25M, exposing a bold, pandemic-era investment scam

January 9, 2026

The Moores were found guilty on one count of conspiracy to commit wire fraud, five counts of wire fraud, and three counts of money laundering. Prosecutors showed they targeted people with livestream pitches promising up to 800 % returns on $1,400 payments, a classic chain‑referral structure requiring recruiting to pay earlier participants…

U.S. DoJ charges a key member in a Chinese money‑laundering network for moving tens of millions in drug proceeds across the US, China, and Mexico

January 8, 2026

A federal indictment was unsealed in Cincinnati charging Yan Lin with conspiracy to commit money laundering and concealment of drug trafficking proceeds derived from tens of millions of dollars in illicit funds, punishable by up to 20 years in prison. The case—investigated by Homeland Security Investigations, IRS-Criminal Investigation, DEA, FBI and local partners – forms part of a broader initiative (Operation Take Back America) targeting networks that help cartels exploit the U.S. financial system…

White House announces new Division for National Fraud Enforcement within the DoJ to crack down on widespread fraud against Govt programs, businesses, non-profits, and citizens nationwide

January 8, 2026

The division will enforce federal criminal and civil laws targeting fraud involving federal government programs, federally funded benefits, businesses, nonprofits, and private citizens, with a dedicated Assistant Attorney General leading nationwide investigations, prosecutions, and policy development. It will also coordinate multi‑agency efforts to identify, disrupt and dismantle organised and sophisticated fraud schemes across jurisdictions and set national enforcement priorities…

U.S DoJ indicts former TD Bank employee for helping a criminal network launder nearly $474M, exploiting reporting controls for $11K in kickbacks, exposing serious insider-enabled AML failures

January 6, 2026

Wilfredo Aquino, a former New York-based TD Bank employee, admitted in federal court that between 2019 and 2021 he used his role to facilitate the laundering of approximately $474 million through TD Bank accounts for a network led by Da Ying Sze, failing to properly report suspicious activity and conceal the network’s leadership. His guilty plea to conspiracy to launder monetary instruments underscores the risk of insider-enabled financial crime and carries a potential sentence of up to 20 years in prison…

FinCEN announces a targeted, data-driven operation on 100+ U.S. MSBs along the southwest border, to tackle potential ML and enforce stricter AML compliance

December 22, 2025

The multi-tiered, data-driven operation using advanced analytics of over one million banking records to identify compliance failures among Southwest border MSBs and address risks of illicit finance. It has already issued investigation notices, IRS examination referrals and numerous compliance outreach letters, signalling that non-compliance with Bank Secrecy Act AML/CFT obligations will trigger civil penalties, enforcement actions and potential criminal referrals…

FinCEN convenes banks and law enforcement in a FinCEN Exchange to tackle transnational ML, exposing $7.1B in Chinese-linked suspicious activity and blocking access to global financial systems

December 15, 2025

The FinCEN Exchange public-private partnership event brought together financial institutions, federal law enforcement and Treasury officials to focus on identifying and dismantling sophisticated money-laundering networks, specifically those linked to Chinese actors and organised crime. FinCEN shared intelligence, stressed the importance of Bank Secrecy Act reporting, and reiterated its commitment to ongoing cooperation to counter these networks and protect the financial system…

U.S. Treasury FSOC’s 2025 Annual Report warns that, despite resilient U.S. markets, rising cyber threats, AI risks, and market vulnerabilities demand tougher oversight and closer regulatory coordination

December 11, 2025

The report finds that U.S. markets and institutions continued to function effectively in 2025, supporting credit provision and market functioning, and highlights priority areas including bolstering Treasury market resilience, addressing cyber risk, enhancing supervision and regulation of depository institutions, and harnessing artificial intelligence to promote stability. It also calls for continued coordination among regulators, expanded use of technology and data sharing, and legislative action where needed to ensure the financial system remains…

FinCEN’s 2025 Financial Trend Analysis on Ransomware shows that between 2022–24, FIs reported 4,194 ransomware incidents in 7,395 BSA filings, with total payments over $2.1B, peaking in 2023 at $1.1B

December 4, 2025

The analysis highlights a sustained rise in high-impact ransomware incidents, with attackers increasingly using techniques such as double extortion, pig-butchering–linked access, and rapid laundering of proceeds through mixers, chain-hopping and cross-chain bridges. It also underscores the critical role of BSA reporting in identifying ransomware wallets and disruption opportunities, urging financial institutions to strengthen red-flag detection, timely SAR filings and collaboration with law enforcement…

FinCEN issues an alert warning financial institutions about cross-border transfers linked to the smuggling and exploitation of illegal migrants

November 28, 2025

The alert highlights financial patterns tied to human-smuggling operations — including rapid small-value transfers, funnel accounts, structuring, and transactions involving high-risk corridors in Latin America — and provides red-flag indicators to help institutions identify related illicit activity. It stresses that timely SAR filings, detailed narratives, and cooperation with law enforcement are essential to disrupting smuggling networks and protecting vulnerable migrants from exploitation.

FinCEN alerts FIs, especially MSBs to heighten vigilance over cross-border transfers that may involve individuals without lawful U.S. status and potentially conceal illicitly obtained funds

November 28, 2025

The alert reminds firms of their obligation to file Suspicious Activity Reports for any transaction of $2,000 or more when illicit activity is suspected and instructs them to reference the term “FIN-2025-Alert003” in relevant SARs. Issued in line with Executive Order 14159, the alert forms part of broader U.S. efforts to combat the exploitation of the financial system, noting that while most remittances are legitimate…

US DOJ indicts Chicago crypto ATM founder for allegedly laundering $10M through digital currency, highlighting rising enforcement against anonymous crypto transactions

November 18, 2025

Prosecutors say the scheme involved cash (from fraud and drug offenses) being deposited into Crypto Dispensers’ cash‑to‑cryptocurrency ATMs, converted into crypto, then transferred to virtual wallets — effectively disguising the origin and ownership of illicit proceeds. The accused and his company have pleaded not guilty. A status hearing is scheduled for January 30, 2026…

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