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FinCEN Exchange in Los Angeles brings together public and private sectors to share information on combating fentanyl trafficking

February 5, 2024

FinCEN and law enforcement representatives highlighted the significant value that suspicious activity reports contribute to law enforcement efforts to combat fentanyl trafficking. They also shared views on ways the financial industry can further increase the effectiveness of suspicious activity reporting involving suspected fentanyl trafficking and related money laundering in Southern California and beyond.

US DoJ charges Utah man in $2.8m wire fraud scheme

February 4, 2024

The US DoJ charged a Utah man with wire fraud, making a false statement, impersonating a federal officer and aggravated identity theft. Garcia Gutierrez allegedly falsely promised his victim that he could acquire at discounted prices exotic cars, planes and vessels that had been seized by the U.S. govt through forfeiture…

$150m cryptocurrency seizure following US-UK cooperation

January 26, 2024

The head of a multi-million-dollar drug enterprise has pleaded guilty to supplying hundreds of kilograms of illegal drugs on a global scale. Singh, 40, of Haldwani, India, sold the drugs on dark web marketplaces, before personally shipping or arranging their shipment from Europe to destinations across the world. The investigation into Singh was led by the US Drug Enforcement Administration (DEA) and supported…

SEC adopts rules to enhance investor protections relating to SPACs, shell companies, and projections

January 24, 2024

The rules address investor protection concerns more broadly with respect to shell companies and blank check companies, including SPACs.

US Beneficial Ownership Information Registry now accepting reports

January 13, 2024

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:
Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025. Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

FinCEN issues analysis of identity-related suspicious activity

January 12, 2024

This report reveals the existence of significant identity-related exploitations through a large variety of schemes,” said FinCEN Director Andrea Gacki. “Robust customer identity processes are foundational to the security of the U.S. financial system, and critical to the effectiveness of financial institutions’ programs to combat money laundering and counter the financing of terrorism. Financial institutions are encouraged to work across their internal departments to address these schemes…

FinCEN issues a factsheet on beneficial ownership information access and safeguards the final rule

January 11, 2024

The Access Rule reflects FinCEN’s commitment to creating a highly useful database for authorized BOI recipients while protecting this sensitive information from unauthorized disclosure. This Access Rule follows the final BOI Reporting Rule FinCEN issued on September 30, 2022, which requires certain corporations, limited liability companies, and other similar entities created in or registered to do business in the United States to report to FinCEN information about themselves, their beneficial owners, and, in some cases…

US DoJ sentences Florida man for money laundering stemming from a business email compromise scheme

January 4, 2024

The fraud is carried out by fraudsters compromising and/or “spoofing” legitimate business email accounts through social engineering or computer intrusion techniques, to cause employees of the victim company or other individuals involved in legitimate business transactions to transfer funds to accounts controlled by the scammers…

US Federal agencies clarify beneficial ownership information access

December 21, 2023

FinCEN has issued a final rule, the “Access Rule,” on authorised access to beneficial ownership information (BOI) reported under the Corporate Transparency Act. The Access Rule doesn’t make it mandatory for banks to use the BOI from the system, nor does it expect them to do so. This means banks don’t have to alter their existing BSA/AML compliance programs, including the current CDD Rule and other BSA requirements…

FinCEN and BIS issue joint notice addressing global evasion of US export controls

December 15, 2023

The joint notice outlines red flag indicators applicable to both financial institutions and exporters in their due diligence efforts. Financial institutions and exporters are urged to adopt a risk-based approach and remain vigilant against evasion of global export controls…

US DoJ charges four individuals for laundering millions from cryptocurrency investment scams

December 14, 2023

According to court documents, the accused allegedly conspired to open shell companies and bank accounts to launder victim proceeds of cryptocurrency investment scams, also known as “pig butchering,” and other fraudulent schemes.

FinCEN names new deputy director, Jimmy Kirby

December 13, 2023

Prior to joining FinCEN, Mr. Kirby served in multiple roles supporting the Treasury Department’s national security mission and advising Treasury’s senior leadership, and he has deep experience across Treasury’s Office of Terrorism and Financial Intelligence.

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