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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
Bank Secrecy Act AML Statutes & Regulations
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Department of State’s International Narcotics Control Strategy Reports
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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…
US DoJ sentences two men for orchestrating multimillion-dollar schemes involving cryptocurrency securities fraud and wire fraud
Principal Deputy Assistant Attorney General Nicole M. Argentieri announced that Shane Hampton, Michael Kane, and others deceived investors by manipulating their company’s cryptocurrency prices through a trading bot. This landmark federal trial marked the first instance where a cryptocurrency was legally classified as a security, connecting price manipulation directly to securities fraud…
US DoJ confiscates over US$1m in collectible stamps linked to a criminal fraud scheme
The government has pinpointed 28 victims from the U.S. who fell victim to deception and fraud through two phases. Initially, individuals posing as SEC officials contacted victims, alleging their bank accounts or identities were compromised. Victims were directed to transfer their funds to designated accounts to secure them, falsely claiming involvement in ML…
US GAO reports that better information is needed on the effectiveness of Federal efforts in AML
The GAO identified 31 sections in the 2020 AML Act assigned to FinCEN, which include establishing standards for testing new AML technology. By November 2023, GAO noted that FinCEN had reported varying levels of detail on progress for 19 sections, underscoring the need for more comprehensive disclosure to improve transparency and accountability…
Finextra: Crypto bank Silvergate pays $63m to settle regulator charges for misleading investors about the strength of their AML program and the losses sustained during the collapse of FTX
The SEC charged Silvergate and its executives with misleading investors about the company’s losses from expected securities sales and its dire financial condition during a liquidity crisis and bank run following FTX’s collapse. Silvergate and Martino misrepresented the situation leading the firm to announce the winding down of its banking operations last year. Consequently, the company’s stock plummeted to nearly zero…
Financial Times: U.S. federal law enforcement officials stated that suspects chose Citigroup ATMs for ML due to operational advantages
US prosecutors revealed that drug traffickers chose Citigroup for ML due to its perceived weaker fraud controls. In January 2021, two California residents deposited nearly $36,000 in illicit cash at Citi ATMs by splitting the amount into smaller transactions to avoid detection. The Drug Enforcement Administration reported that the duo, allegedly part of a network laundered at least $50m, chose Citi after evaluating several banks…
FinCEN finalises financial measure against Iraq-based Al-Huda Bank to combat terrorist financing
A final rule issued under section 311 of the USA PATRIOT Act (section 311) that severs Al-Huda Bank from the United States financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank, an Iraqi bank that serves as a conduit for terrorist financing.