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United States
This section covers AML/CTF initiatives by the US Treasury, US DoJ, OCC, FinCEN, SEC and other related US organisations.
USA PATRIOT ACT 2001
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SEC Enforcement publishes the top four securities enforcement and litigation developments from July 2024, including actions related to cryptocurrency and activist short selling
The developments include: An action against an activist short seller related to his publishing of allegedly misleading research reports;
The dismissal of many of the SEC’s claims in the SolarWinds litigation; The SEC’s first litigated action relating to the operation of a liquid staking protocol; and A significant penalty imposed in an action brought against a bank and several of its senior officers for broad
compliance and oversight failure…
FinCEN has released final rules to protect the residential real estate and investment adviser sectors from illicit finance
FinCen has issued two final rules to address illicit finance risks in the residential real estate and investment adviser sectors. The residential real estate rule mandates reporting of high-risk non-financed transfers to increase transparency, while the investment adviser rule imposes AML/CFT requirements on certain advisers to address regulatory gaps. These measures part of anti-corruption strategy, aim to close loopholes exploited by criminals…
FinCEN launches nationwide public service announcements to inform business owners about beneficial ownership reporting requirements
To directly reach business owners, educate stakeholders about these reporting requirements, and encourage compliance, television and radio PSAs are now running nationwide in tandem with digital and print ads.
AML Intelligence: US Homeland Security warns of increasing gift card fraud connected to Chinese organized crime groups
The fraud impacts retailers and consumers while also posing severe risks to national security and the economy, the agency reports. The HSI partnering with law enforcement and businesses to address this issue focusing on Chinese crime groups linked to various criminal activities. They also warned that gift card fraud threatens public safety and national security by using sophisticated methods to siphon card values and fund illicit operations…
FinCEN reminds financial institutions to remain vigilant to suspicious transactions associated with synthetic opioids
Reminds financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and the trafficking of illicit fentanyl and other synthetic opioids.
US DoJ announces life sentenced for 25 years to an attorney in federal prison for embezzlement and fraud related to the collapse of Washington Federal Bank
Former attorney Robert M. Kowalski was sentenced to 25 years in federal prison for embezzling funds from Washington Federal Bank which failed in 2017. He misappropriated money falsely recorded it as loans and later tried to hide his assets through fraudulent bankruptcy and tax filings. Kowalski must pay US $7.2m in restitution to the FDIC and US $424,047 to the IRS.
US Treasury publishes Counter ISIS Finance Group leaders joint statement
On July 23 and 24, the United States, Italy, and Saudi Arabia hosted virtually the 20th meeting of the Counter ISIS Finance Group (CIFG) under the auspices of the Global Coalition to Defeat ISIS. The U.S. Treasury Department and the U.S. Department of State jointly represented the United States at this event, which included over 50 member states and observers.
FinCEN issues notice to Financial Institution Customers on Beneficial Ownership information requirements
The notice provides answers to key questions about: (1) reporting beneficial ownership information to FinCEN under the Corporate Transparency Act; and (2) providing beneficial ownership information to financial institutions in connection with Federal customer due diligence requirements. FinCEN encourages financial institutions to share this reference guide with customers that may be required to report beneficial ownership information…
FinCEN, OFAC, and FBI issue joint notice on timeshare fraud associated with Mexico-based transnational criminal organisations
Cover the methodologies, financial typologies, and red flag indicators associated with timeshare fraud orchestrated by Mexico-based transnational criminal organizations, such as the Jalisco New Generation Cartel (CJNG).
FinCEN and other agencies have issued an interagency statement on proposed rulemakings aimed at strengthening and modernising financial institutions’ AML/CFT programmes
The proposed amendments are based on changes to the Bank Secrecy Act as enacted by the Anti-Money Laundering Act of 2020 (the “AML Act”) and are a key component of Treasury’s objective of building a more effective and risk-based AML/CFT regulatory and supervisory regime…
FinCEN issues proposed rule to strengthen and modernise financial institutions’ AML/CFT programmes
The proposed rule would amend regulations to explicitly require that AML/CFT programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles.
US DoJ announces that sweepstakes operators have admitted guilt for violating the Bank Secrecy Act
Two US men admitted guilt for conspiring with bankers to deliberately avoid implementing necessary AML controls at a Missouri bank, violating the Bank Secrecy Act (BSA).The bank had to file currency transaction reports with FinCEN for transactions over $10,000…